With very little data out yesterday attention was yet again on the US, awaiting to see if the economy had grown more in its final reading for Q3 GDP. True to form not only did the world’s largest economy show growth more than the previous 3.2% posting, it also jumped up past what markets were anticipating as it came in at an impressive 3.5%. It was a second revision upwards on this gauge and shows signs that the US economy is showing no signs of a slowdown.
This figure which more than doubled the second quarters growth of 1.4% is evidence of growth gaining momentum. Looking at the final quarter of the year for the US, further bolster rates could rise sooner. Fed Chair Janet Yellen has already stated that more rises are to come in 2017.
As we head into the last business day before the Christmas break, the only piece of notable data to end the week comes from the UK as the current account hits the wires this morning. New home sales are to be released later from the US with expectation of sales to reach 575k.
Have a good day.