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So the low GDP number was no surprise, however, it wasn’t as low as everyone feared. Q1 GDP came out to -0.7% vs -0.8% exp. Many banks were expecting something as low as -1% or even lower. Usually the market would’ve moved significantly from a GDP number, this time it really didn’t. We know our first quarter was transitory and things weren’t going to quickly pick up, it’s only Q1. With that said, many economists and banks are looking forward to a better Q2 and beyond. We also have a interest rate hike to look forward to. Hopefully the up coming NFP number can come out promising.
All in all, the dollar did rise a bit today but not as much as I wanted. I will be holding my position from Thursday for the weekend. Will post updates.
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