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US GDP revised higher, in line with expectations

So annualised US GDP has been revised higher to 4.6% for Q2. This was bang on market expectations and the reaction from the dollar has been muted. There is however a tinge of dollar strength following the release as looking deeper into the numbers you can see that there are elements that show the US economy continues to gather pace. Corporate profits for example are the highest they’ve been since the third quarter of 2010, so we’re just seeing EURUSD drift down to 1.2720, GBPUSD to 1.6295 and USDJPY up to 109.15.

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