Analysts at Bank of New Zealand (BNZ) offer a sneak peek at what to expect from Friday’s US Q2 Preliminary GDP report due on the cards at 1230GMT.
“Durable goods orders data in the US were stronger than expected, including a lift for the core measure.
But, for today's data to come:
While this was pleasing to see, advanced estimates on trade and inventories suggested that these components will act as a bigger-than-expected drag on Q2 GDP.
Placing downside risk to the consensus annualized 1.8% estimate - already on track for the weakest quarterly growth in over two years.”