GDP Sales q/q comes in at 2.2% against 1% consensus

The GDP Sales q/q for the United States, released today, came in at 2.2%. This figure significantly exceeded the consensus estimate of 1%, representing a 120.0% surprise against expectations. The previous quarter’s reading was 1.9%.

Following the release, market reactions across major USD pairs and gold have been observed over the first 15 minutes. AUDUSD saw a gain of 0.9 pips, while EURUSD rose by 5.2 pips. GBPUSD registered a minor decline of 0.3 pips. NZDUSD moved up by 0.5 pips. USDCAD gained 3.6 pips, and USDCHF saw a small increase of 0.3 pips. USDJPY declined by 17 pips. XAUUSD, or gold, moved up by 7.2 pips. For most pairs, these initial moves are relatively small when compared to their median 1-hour moves after past releases. For instance, EURUSD’s 5.2 pips move is less than its median 1-hour move of 11 pips, and XAUUSD’s 7.2 pips is significantly less than its median 39 pips 1-hour move.