The final GDP figure was at -2.9% which saw the biggest decline in US since 2009. This has adverse effects on the US dollar, EUR/USD breaking the 1.36 resistance and USD/JPY falling badly.
The GDP data is presented in a particular format. First, it starts with an advance figure which tends to carry the most impact, followed by preliminary a month later and finally with the final GDP to sum things up. Things did not look too bad for US, the advance GDP on April 30th was given at -0.1% and saw a further decline to -1.0% for the preliminary numbers on May 29th. It was downhill from then on.
It is unlikely Janet Yellen can raise rates anytime soon given the slack in the economy. The dollar has been performing badly ever since. Pairs like GBP/USD have reached new highs of 1.70 and above.
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