The advance figure (first estimate) of Q3 US GDP came in at 2% after expectations of 2.7% proved slightly optimistic.
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The lower than expected figure has been attributed to slower consumer spending as government assistance payments to businesses, state and local government and households all decreased.
Source: US Bureau of Economic Analysis
The data comes off the back of the Q2 print of 6.7%. The increase in second quarter GDP reflected the continued economic recovery, reopening of establishments, and continued government response related to the COVID-19 pandemic.
The initial response to in the US dollar[2] saw slightly lower prices but nothing outside of the daily range.
US Dollar Index 15 Minute Chart
Chart prepared by Richard Snow[3], IG
--- Written by Richard Snow for DailyFX.com
Contact and follow Richard on Twitter: @RichardSnowFX[4]
DailyFX[5] provides forex news and technical analysis on the trends that influence the global currency markets.
