Jobless Claims Fall More Than Predicted, GDP Soars 2% In Q1: Dollar Rebounds As Powell Sticks To Hawkish Tone
Portfolio Pulse from Piero Cingari
New economic data shows continued labor strength and stronger-than-expected economic growth in the US. Weekly unemployment benefits fell more than expected, indicating a resilient labor market. The final estimate of annual real GDP growth for Q1 was 2%, above the expected 1.4%. The U.S. dollar, tracked by the Invesco DB USD Index Bullish Fund ETF (UUP), trended higher. Fed Chair Jerome Powell reinforced hawkish tones, stating that the majority of the board sees two or more rate hikes by year-end.
June 29, 2023 | 1:06 pm
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The U.S. dollar, tracked by the Invesco DB USD Index Bullish Fund ETF (UUP), trended higher following the release of strong economic data and hawkish comments from Fed Chair Jerome Powell.
The strong economic data, including lower than expected unemployment benefits and higher than expected GDP growth, indicate a strong US economy. This, coupled with hawkish comments from Fed Chair Jerome Powell, has led to a rise in the U.S. dollar. As UUP tracks the U.S. dollar, it is likely to benefit from these developments.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100