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· The initial annualized quarterly rate of real GDP in the United States in the third quarter was 2.8%, lower than market expectations of 3%. The initial annualized quarterly rate of the core PCE price index was 2.2%, higher than the expected 2.1% but lower than the previous value of 2.8%. Bearish for the dollar. · U.S. ADP employment recorded 233,000 in October, the largest increase since March 2024, well exceeding market expectations of 114,000. Bullish for the dollar. · Germany's seasonally adjusted GDP rate in the third quarter was better than expected, triggering traders to reduce expectations for a 50 basis point interest rate cut by the European Central Bank in December. The probability dropped from about 45% to 22%. Positive for the Euro.
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