Fastest Economic Expansion in 6 Yrs.

AUD  USD Daily Chart

Published yesterday afternoon USA revised second quarter GDP grew at 1 per cent in the quarter for an annualised rate of 3 per cent, up from an original 2.6 and the first time it's been at 3 in two years. Trump said if the economy is able to sustain growth at a 3 percent rate, it would create 12 million new jobs and $10 trillion in new economic activity over the next decade.

"We do believe that this suite of robust numbers all but locks in another rate hike this year", Porter wrote.

SHORT TERM TRADER: Square but will sell on a daily close below 7300.

The 4.5 per cent figure is also 50 per cent higher than the three per cent growth seen in the US economy in the same period.

It was a stronger showing than the 3.5- to 4-per-cent pace analysts had been expecting.

However, history tells us that once rebuilding kicks in, the net impact of disasters on national GDP tends to be small and short-lived (even Katrina had no more than a fleeting effect on GDP growth), so we should still be on track for a solid economic performance through the rest of the year.

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The government's first estimate of GDP in the second quarter, issued a month ago, was growth at a 2.6 percent annual rate. American consumers remain in the driver's seat in the current expansion, backed by a strong job market, contained inflation and low borrowing costs.

GDP growth exceeded 3% in four quarters on a year-over-year basis, though it never grew 3% over a calendar year. "The market seems convinced that the Bank of Canada will wait until October, but the September meeting is now more likely", says CIBC.

During last year's campaign, Trump pledged to boost economic growth to 4 percent or better. Consumer spending have played their traditional role as the locomotive accelerating to 3.3 % from 1.9% in the previous quarter. The Canadian GDP grew 4.5 percent quarter-on-quarter, as compared with consensus expectations of a growth of 3.7 percent.

At 17:00 GMT the FxWirePro's Hourly Strength Index of Canadian Dollar was bullish at 77.196, while the FxWirePro's Hourly Strength Index of US Dollar was bullish at 99.9839.

The revisions bring the pace of first-half growth to 2.1 percent, about equal to the average rate since the last recession ended in 2009.

Anderson expects growth in the range of 3percent to 3.5 percent in the current quarter, but he said the hurricane could shave as much as 0.3 percentage point off that figure. The report said 14 of 20 industrial sectors saw growth in June. Said Morgan Stanley economists Robert Rosener, Michael Dilmanian and Ellen Zenter via research notes. A revival in domestic energy production has contributed, but the big improvement so far this year has come in outlays for business equipment.

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