US real gross domestic product (GDP) increased at a rate of 2.8% in the second quarter of 2024, beating market forecasts, according to the advance estimate.
The better-than-expected GDP report trimmed US rate cut expectations by two to three basis points. Despite the report, markets continue to fully price in a 25 basis point rate cut at the September 18 meeting with further quarter point cuts expected at the November 7 and the December 18 meetings.
The US dollar index picked up a small bid but remains calm ahead of Friday’s Core PCE data. The DXY is trading on either side of the 200-day sma and will likely stay that way until 13:30 UK tomorrow.
US Dollar Index Daily Chart
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