US GDP Growth Slows Down to 1.5% - 27.7.2012
US economy expanded at a 1.5% annualized growth pace in the second quarter of the year, the Bureau of Economic Analysis reported today, while growth in the first quarter was revised upwards to 2%. The Bureau also mentioned that the deceleration was mainly due to a deceleration in private consumption expenditures, one of the main drivers of the economy, and an increase in imports. The market value of all goods and services produced in the US increased by 3.1% to 15.6 billion dollars.
The world’s biggest economy was expected to decelerate in the first half of the year. The main question now is whether the Fed considers the deceleration is considerable enough to launch a new supportive program. The greenback extended losses versus its major counterparts today – pair USDCAD is testing a 2-month floor at 1.0061, while AUDUSD touched a 3-month high at 1.0445.