US GDP data for Q1 to be Released Today

US GDP data for Q1 to be Released Today

Much anticipated economic data about the release of the US GDP for the first quarter will be done on Thursday. The estimated figure is 3.1% and during the previous release of the indicator, it stood at 3.4% instead of the forecasted rise of 1.6%. The crucial data will be disclosed by the Bureau of Economic Analysis at 12:30 GMT and it will provide hints to the market about the robustness of the economy and suggest the next move of the Federal Reserve.

If there is a drop in the readings of the indicator, it will have a favourable impact on the US dollar quotes. Henceforth, it will be watched over by investors and market participants all over the world, as it is also the first quarter of 2024. Moreover, this initial report is expected to indicate a sustained economic boom driven by rising immigration.

Pending Home Sales to be Unveiled Today

The National Association of Realtors will be announcing the indicator that shows the number of home sales contracts signed in March as compared to February on Thursday at 14:00 GMT. Market participants who are associated with the housing sector of the market and those trading in the US dollar quotes are advised to make a note of the changes in the readings of the Pending Home Sales as a drop in the statistics will have a negative effect on the value of the currency. Financial experts are estimating it to have a decline of 1.4%. When the Pending Home Sales were announced on 28th Mar 2024 at 14:00 GMT, it had a rise of 1.6% in place of the expected drop of 1.9%.

The US to Publish Initial Jobless Claims

The indicator that represents the number of individuals filing to receive jobless insurance benefits for the first time over the last week will be released on Thursday and is expected to be 208K by top economists. The Initial Jobless Claims will be revealed by the US Department of Labor at 12:30 GMT. If there is an anticipated decline in the readings of the indicator, it will have a positive effect on the value of the currency. With the release of the Initial Jobless Claims, the assessment of the state of the labour market could be done. So, the market participants who are related to the labour sector of the market and those trading in the US dollar quotes are recommended to be vigilant during the announcement of the indicator and make adequate market.