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The Bureau of Economic Analysis in the United States released important Gross Domestic Product data for the second fiscal quarter of 2019 yesterday, and according to the findings of the report, the Real GDP of the country has risen on an annual basis with 2.0 per cent. In contrast, the real GDP had risen by 3.1 per cent in the first fiscal quarter.
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The real GDP’s acceleration with 2.0 is revised from the advanced readings, which pointed to a 2.1 per cent growth, but according to the BEA, the observed 0.1 per cent misfire is owing to downturns in inventory investments and exports.
“The GDP estimate released today is based on more complete source data than were available for the “advance” estimate issued last month. In the advance estimate, the increase in real GDP was 2.1 percent. The revision primarily reflected downward revisions to state and local government spending, exports, private inventory investment, and residential investment that were partly offset by an upward revision to personal consumption expenditures (PCE).” [source]
Despite the sizable drop in the real GDP data, the US dollar extended its gains against most of the other major currencies during yesterday’s trading session. The EURUSD had its fourth consecutive day of depreciation, and the pair lost 0.19 per cent after the release of the report. The FX major is currently trading just above the fundamentally important support level of 1.10270, which was last broken on the 16th of May 2017.
Should the price manage to break successfully below that support, the next most likely target for the bearish trend would be the 1.09130 price level, which is the 78.6 per cent Fibonacci retracement level on the monthly chart.
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