US GDP and consumer confidence head northwards - ANZ

Research Team at ANZ, notes that the US Q1 GDP was revised up to 1.1% q/q saar (mkt: 1.0%) from 0.8% previously.

Key Quotes

“However, personal consumption growth was lowered to 1.5% from 1.9% initially (mkt: 2.0%). Better trade and business investment (intellectual property) offset the weaker personal consumption.

US June Consumer Confidence came in above expectations at 98 (mkt: 93.5) from 92.6. Both the present (118.3 vs. 113.2) and expectations (84.5 vs. 78.5) rose. This survey was conducted from the 1st through the 18th of the month, so Brexit was not included.

US Richmond Fed Manufacturing index was at -7 in June, from -1 in May, underperforming the market forecast of +3.”