Breaking: US GDP beats expectations with 2.1%, USD shakes

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Economists have expected the US economy to rise by an annualized growth rate of 1.8% in the second quarter of 2019. However, recent upbeat data have led to several upgrades and real estimates have probably topped 2%. While this is slower than 3.1% recorded in the first quarter, a rise in the deflator, enhanced consumption and a drop in inventories are seen as silver linings.

The figures feed into the all-important Fed decision next week. The central bank is tipped to reduce interest rates for the first time since the financial crisis, but the size and the prospects of further cuts are unclear.