The second estimate of Q1 GDP is out at 12.30 GMT
US GDP for Q1 is expected to be revised up to 0.9% from 0.5%. The spread of estimates runs from 1.4% to 0.5%.
Several components of GDP are expected to add to the higher revision.
Retail sales ex-autos were revised higher to 0.4% from 0.2% for March
Durable goods held some upward revisions for March though they mainly pointed to the consumer end
Factory orders were also revised higher which is likely to give a boost to the manufacturing sector
The trade deficit improved to 40.4bn from 47.0bn
The consumer is expected to add to higher growth with consumption expected to rise to 2.1% from the flash 1.9%, though that would still be down from Q4's 2.4%.
As always there's lots to look out for in the details, business investment, imports/exports, PCE prices etc.
More often than not we've seen soft Q1's either revised higher or a strong rebound in Q2, and there's no need to think we may not see the same again. 0.9% might be about right for estimations so the real USD price reaction range is going to be if we get something closer to 0.5% or over 1.0%.
The GDP data is old news so the market can ignore most of it if it wants, unless we get a very big move. However, with the next FOMC meeting becoming a big deal again, traders may take any scraps they're given to push prices their way.
Further details of the release can be found on our calendar
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