US Dollar (USD) Unfazed by Higher Than Expected GDP Data
US Dollar,GDP, PCE Talking PointsUS Core PCE (QoQ) beats estimates at 4.6% vs estimates of 4.5%US GDP (Q3) increases by 2.3% vs 2.1% (forecast)Economic data weighs on the greenback, DXY falls slightly before finding supportReal gross domestic product (GDP) for Q3 increased at a rate of 2.3%, beating estimates of 2.1%. As the number of Covid-19 cases continues to rise, global economies are struggling to return to pre-covid levels. Meanwhile, Core PCE Prices QoQ (Q3) came in at 4.6%, slightly higher than the analyst’s expectations of 4.5%.Visit the DailyFX Educational Center to discover why news events are Key to Forex Fundamental AnalysisDailyFX Economic CalendarAs inflationary pressures continue to rise, a more hawkish Federal Reserve has eased concerns after Fed Chair Jerome Powell announced that higher rates can be expected next year.In response to the data, the US Dollar Index (DXY) fell slightly before finding support above the key psychological level of 96.00.US Dollar (DXY) 5 minute chartChart prepared by Tammy Da Costa using TradingViewWith fears over economic growth now seeping into the market, investors are likely to continue to follow the inflation narrative and labor market, the two key objectives for monetary policy.— Written by Tammy Da Costa, Analyst for DailyFX.comContact and follow Tammy on Twitter: @Tams707
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