US Q2 GDP: Risks skewed to the downside - BNZ

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.

Key Quotes:

“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.”