US GDP grew by 0.8%
Today was published preliminary statistics on the growth of US GDP. So, for the 1st quarter of this year the index rose by 0.8%, against the previous estimate of 0.5%. The main driver of growth was consumer spending, which rose by 1.9%. Export’s fall was 2.0% which is 0.6% better than the previous estimate. According to our estimates, the growth of the US economy accelerated in the second quarter, which will encourage the Fed to raise interest rates. As a result, we expect a further decline in the euro against the dollar with medium-term guidelines at 1.0700 and 1.0550.
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