{"id":61475,"date":"2023-04-28T11:34:16","date_gmt":"2023-04-28T08:34:16","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?p=61475"},"modified":"2025-10-17T12:05:31","modified_gmt":"2025-10-17T09:05:31","slug":"us-preliminary-gdp-rate-lower-than-expected","status":"publish","type":"post","link":"https:\/\/www.ironfx-id.com\/en\/us-preliminary-gdp-rate-lower-than-expected\/","title":{"rendered":"US Preliminary GDP rate lower than expected"},"content":{"rendered":"\n<p>The USD tended to weaken against the pound, Yen as market worries of a recession intensified following yesterday\u2019s lower than expected GDP rate for Q1 coming in at 1.1% versus the predicted figure of 2.0% The US GDP rate intensified worries of a recession in the US economy, in addition to the pending home sales for March significantly being reduced by 5.2% versus the anticipated figure of 0.5%. However, we note the Initial Jobless Claims figure coming in lower than predicted, indicative of a resilient labour market. In the European session we note France\u2019s Preliminary GDP\u00a0 on a QoQ basis for Q1 came in as was anticipated by the market at 0.2%, yet Preliminary GDP on a YoY ticked upwards to 0.8%, outperforming expectations in addition to France\u2019s Preliminary HICP rate coming in higher than expected, may potentially providing some temporary support for the EUR as we near Germany\u2019s and the Eurozone\u2019s Preliminary GDP releases\u00a0 for Q1 due to be released this morning. In Today\u2019s Asian session we note that the BoJ\u2019s interest rate decision was to remain on hold at -0.10% as was widely anticipated by analysts despite Tokyo\u2019s CPI increased on a YoY basis. In addition, we highlight Governor Ueda\u2019s comments that the bank is expected to conduct a review of monetary policy implying that the YCC may be phased out in the next year and a half, in addition to removing a phrase in its forward guidance \u201cshort- and long-term policy interest rates to remain at their present or lower levels\u201d. This may be an indication of a willingness to speed up the phasing out of the YCC, in the event of high inflationary pressures remaining in the Japanese economy. In the equities market, we note Amazon\u2019s (#AMZN) higher than anticipated earnings release after the market had closed, Furthermore, the highlights of today\u2019s earnings reports are expected to be Exxon Mobil (#XOM) and Erste Bank (#Erste Bank).<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"US Preliminary GDP lower than expected\" width=\"750\" height=\"422\" src=\"https:\/\/www.youtube.com\/embed\/ETnc-Ehaqj0?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>GBP\/USD edged higher yesterday yet failed to break above resistance at 1.2500(R1). We tend to maintain a bullish outlook for the pair and supporting our case is the formation of an upwards trendline since the 4<sup>th<\/sup> of March. However, we note that the RSI indicator remains near the reading of 50 implying a temporary indecisive market. For our Bullish outlook to continue we would like to see the pair make a clear break above the 1.2500(R1) level with a move towards potential resistance at the 1.2580 (R2) resistance barrier. For a Bearish outlook we may see the pair making a break below the 1.2310 (S1) support line with the next potential target for the bears being the 1.2310 (S2) support base.<\/p>\n\n\n\n<p>EUR\/USD continued its ascent yesterday. We tend to maintain a bullish outlook for the pair as long as it remains above the upward trendline incepted since the 24<sup>th<\/sup> of March. Yet we note that the RSI indicator is currently running along the reading of 50 implying market indecisiveness. Should the bulls maintain control, we may see the pair breaking above the 1.1050 (R1) resistance line with the next possible target for the bulls being the 1.1125 (R2) resistance level. Should the bears take over, we may see the pair reversing course breaking the prementioned upward trendline, with a break below the 1.0980 (S1) support line, with the next possible target being the 1.0910 (S2) support level.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-other-highlights-for-the-day\"><strong>Other highlights for the day:<\/strong><\/h2>\n\n\n\n<p>During today\u2019s European session, we note the release of Germany\u2019s and the Eurozone\u2019s preliminary GDP rates for Q1 as well as Germany\u2019s preliminary HICP rate for April , while on the monetary front ECB President Christine Lagarde is to speak during the Eurogroup meeting. In the American session we note the release from the US of the consumption rate and the Core PCE price index, both for March as well as the final University of Michigan consumer sentiment for April, while from Canada we get February\u2019s GDP rate. On Sunday we get China\u2019s NBS PMI figures for April and during Monday\u2019s Asian session, we note the release of Australia\u2019s and Japan\u2019s final manufacturing PMI figures for April.\u00a0\u00a0\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-gbp-usd-h4-chart\"><strong>GBP\/USD H4 Chart<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"977\" height=\"456\" src=\"\/wp-content\/uploads\/2023\/04\/image-138.png\" alt=\"support at one point two four zero zero and resistance at one point two five zero zero,direction upwards\" class=\"wp-image-61480\" title=\"gbp-usd-four-hour-chart\"\/><\/figure>\n\n\n\n<p>Support: 1.2400 (S1), 1.2310 (S2), 1.2190 (S3)<\/p>\n\n\n\n<p>Resistance: 1.2500 (R1), 1.2580 (R2), 1.2660 (R3)<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-eur-usd-h4-chart\"><strong>EUR\/USD H4 Chart<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"977\" height=\"456\" src=\"\/wp-content\/uploads\/2023\/04\/image-139.png\" alt=\"support at one point zero nine eight zero and resistance at one point one zero five zero, direction upwards\" class=\"wp-image-61481\" title=\"eur-usd-four-hour-chart\"\/><\/figure>\n\n\n\n<p>Support: 1.0980 (S1), 1.0910 (S2), 1.0830 (S3)<\/p>\n\n\n\n<p>Resistance: 1.1050 (R1), 1.1125 (R2), 1.2225 (R3)<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1986\" height=\"532\" src=\"\/wp-content\/uploads\/2023\/04\/image-134.png\" alt=\"\" class=\"wp-image-61476\" title=\"benchmark-28-04-2023\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1043\" height=\"619\" src=\"\/wp-content\/uploads\/2023\/04\/image-137.png\" alt=\"\" class=\"wp-image-61479\" title=\"table-28-04-2023\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1737\" height=\"787\" src=\"\/wp-content\/uploads\/2023\/04\/image-135.png\" alt=\"\" class=\"wp-image-61477\" title=\"morning-releases-28-04-2023\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1737\" height=\"582\" src=\"\/wp-content\/uploads\/2023\/04\/image-136.png\" alt=\"\" class=\"wp-image-61478\"\/><\/figure>\n\n\n\n<p>If you have any general queries or comments relating to this article please send an email directly to our Research team at <a href=\"mailto:reseach_team@ironfx.com\">research_team@ironfx.com<\/a><\/p>\n\n\n\n<p>Disclaimer:<br>This information is not considered as investment advice or an investment recommendation, but instead a marketing communication. IronFX is not responsible for any data or information provided by third parties referenced, or hyperlinked, in this communication.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The USD tended to weaken against the pound, Yen as market worries of a recession intensified following yesterday\u2019s lower than<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-61475","post","type-post","status-publish","format-standard","hentry","category-uncategorized","blog-category-financial-news","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>US Preliminary GDP rate lower than expected<\/title>\n<meta name=\"description\" content=\"The USD tended to weaken against the pound, Yen as market worries of a recession intensified following yesterday\u2019s lower\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ironfx.com\/en\/wp-json\/wp\/v2\/posts\/61475\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US Preliminary GDP rate lower than expected\" \/>\n<meta property=\"og:description\" content=\"The USD tended to weaken against the pound, Yen as market worries of a recession intensified following yesterday\u2019s lower\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ironfx-id.com\/en\/us-preliminary-gdp-rate-lower-than-expected\/\" \/>\n<meta property=\"og:site_name\" content=\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-28T08:34:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-17T09:05:31+00:00\" \/>\n<meta name=\"author\" content=\"IronFX Team\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/us-preliminary-gdp-rate-lower-than-expected\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/us-preliminary-gdp-rate-lower-than-expected\\\/\"},\"author\":{\"name\":\"IronFX Team\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/#\\\/schema\\\/person\\\/6727476356d10030d1564b38f6e699b1\"},\"headline\":\"US Preliminary GDP rate lower than expected\",\"datePublished\":\"2023-04-28T08:34:16+00:00\",\"dateModified\":\"2025-10-17T09:05:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/us-preliminary-gdp-rate-lower-than-expected\\\/\"},\"wordCount\":783,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/#organization\"},\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/us-preliminary-gdp-rate-lower-than-expected\\\/\",\"url\":\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/us-preliminary-gdp-rate-lower-than-expected\\\/\",\"name\":\"US Preliminary GDP rate lower than expected\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/#website\"},\"datePublished\":\"2023-04-28T08:34:16+00:00\",\"dateModified\":\"2025-10-17T09:05:31+00:00\",\"description\":\"The USD tended to weaken against the pound, Yen as market worries of a recession intensified following yesterday\u2019s lower\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/us-preliminary-gdp-rate-lower-than-expected\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/us-preliminary-gdp-rate-lower-than-expected\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/us-preliminary-gdp-rate-lower-than-expected\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"US Preliminary GDP rate lower than expected\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/\",\"name\":\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\",\"description\":\"&quot;Our Introducing Brokers program offers competitive conditions tailored to our partners&#039; needs. 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