The headline release from America yesterday was the second estimate of the GDP growth rate for the third quarter of 2018. Last time around, figures showed that the economy grew by a whopping 4.2% and a more modest figure of 3.5% was expected this time around. And so it proved. There were very little dollar movements throughout the day, but it’s about time we had a breather.
We also learned that the US trade deficit increased in October, jumping by $1 billion to $77.2 billion. Exports were $140.5 billion, which is $0.8 billion less than September, while imports were $217.8 billion – $0.2 billion more than September. Since Trump has been president, America is losing the most on trade in the history of the Republic apparently.
Today we will see initial jobless claims up to 24 November 2018 which climbed up to 224,000 last week, but are expected to drop back down to 220,000 this time around. Personal income and spending figures for October will also be releases in the afternoon and this evening, we will see the Federal Open Market Committee meeting minutes. A December rate hike is expected, but it will be interesting to see whether there are any indications over additional interest rate rises in 2019.