US Economy Update: Mixed Signals with Strong GDP Growth and Rising Inflationary Pressures

One Million Trade - 2024-03-08 12:00:00

The data published, including the USD CPI, GDP, manufacturing PMI, and jobless claims, paint a mixed picture of the US economy. While GDP growth remains strong, manufacturing PMI and retail sales have shown signs of weakness. The increase in CPI and PCE Price Index could indicate rising inflationary pressures, which may prompt the Fed to consider tightening monetary policy in the near future. The job market, as indicated by the low initial jobless claims, remains robust.

Currency sentiment: Neutral

Sentiment timeframe: Short term