THE US dollar’s woes continued, trading near multi-week lows with shocking US real gross domestic product (GDP) revisions. The finalised US real GDP was further revised lower to an annualised contraction of 2.9% in Q1 2014 – the largest decline in five years – from minus 1% reported last month and compared with 2.6% in Q4 2013 due to harsh weather in the early part of the year.
The recent economic data that showed a recovering economy were conveniently ignored. Consumer confidence and new home sales figures rose to six-year highs, suggesting the dip in the housing sector has stabilised and the outlook for economic growth in the US is improving but the US market didn’t cheer.
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