In reaction to today’s U.S. GDP release, the U.S. dollar eased back slightly after it had staged a bounce the day before. As my colleague Matt Weller reported earlier, the first estimate of second-quarter growth for the world’s largest economy came in at 4.1% annualized, the highest rate since 2014.
The big moves have occurred in the stock markets with index futures tumbling in overnight trading, before bouncing back slightly. The stock market losses have been triggered by the recent sharp falls in government bond prices, which have helped to push yields higher.
Chinese data shrugged off as equity markets edge slightly lower; sterling under pressure as pressure on May mounts; central banks event sees Fed, ECB, BoJ and BoE heads join panel discussion; German GDP and inflation data get us off to an underwhelming start.