U.S. Session Recap – December 6, 2013

  • U.S. GDP revised up from 2.8% to 3.6% for Q3 2013
  • U.S. initial jobless claims at 298K vs. 328K estimate
  • Canadian Ivey PMI weaker than expected at 53.7, down from 62.8
  • Draghi says additional LTRO not likely

Data from the U.S. economy came in much stronger than expected yesterday, as the Q3 2013 GDP reading was upgraded from 2.8% to a whopping 3.6% growth figure, outpacing the consensus of 3.0%. Aside from that, the initial jobless claims came in much better than expected at 298K instead of the projected 328K figure. However, the U.S. dollar was unable to find a clear direction during the New York session, as it gained ground against the pound and Aussie but ended lower against the yen, franc, and euro.

Perhaps much of the euro’s strength can be attributed to Draghi’s speech, as the central bank head reiterated that additional LTRO isn’t likely for now. Market watchers were surprised to find out that Draghi was not so dovish with his economic assessment, despite the recent weakness in euro zone data.

Only the Japanese leading indicators index is up for release on today’s Asian trading session and the figure is expected to improve from 102.2% to 102.9%, which might provide a boost to the Nikkei and possibly the yen pairs.

See also:

London Session Recap

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