Daily Alert – Wednesday 29th November 2023: US GDP beats expectation

Mark NugentDaily Alert, Nov 2023

Daily Alert – Wednesday 29th November 2023: US GDP beats expectation

Good afternoon.

The strength and resilience of the US economy was demonstrated yet again with GDP for the third quarter coming in at an annualised 5.2%, beating the expectation of 5.0% and the second quarter number of 4.9%. Amazing. Just as well. Those aircraft carriers are not cheap.

German inflation by all measures was lower than expectation and down on the prior number. So that’s good. It was the same story in Australia.

There is a mounting belief in the market that inflation and the hikes required to crush it are now in the rear-view mirror.

I looked closely at WTI long last night. However, looking at the H1 chart, I saw that there was no concerted selling into the daily close, and in fact all the gain in the day occurred in one single hour. I decided not to enter. If I had, I’d be around breakeven.

I’ll be back tomorrow when we can pour over eurozone inflation and the Fed’s favourite inflation measure, Personal Consumption Expenditure. We can also look forward to the drip, drip, drip of leaked titbits from the OPEC+ meeting.

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