US GDP Shrinks 5% – Eyes On Lagarde
Q1 GDP Final print that was released yesterday came in line with estimates with the US economy shrinking 5%. Meanwhile, Durable Goods Orders for May rebounded higher than anticipated, posting a 15.8% rise in orders. The Dollar dipped slightly with these news. Looking ahead for today, PCE Price Index & Personal Spending and Income for May will be released tonight at 8.30pm (SGT). USD/SGD is currently trading at 1.390 mark.
Today, European Central Bank President Lagarde will be speaking today at 3pm to close out the week for the Euro. As there is no further data out, markets are expecting risk sentiment to continue to be a big driver. EUR/SGD pair is currently on the downwards trend and trading at 1.559 mark.
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