I had been asleep as soon as the rumor of a lower GDP of 1.8% went round the ground. It shorted the USD and GBPUSD went up from 1.8880s to 1.8920s.
In my experience serves me, this GDP report is an initial report covering July, August and September data. . ? If so that this will cause volatility like it did last July's GDP report.
Allow Me to examine the pieces of the puzzle looking at a few data:
Retail Sales (said to be 70 percent of GDP)
Jul 1.4
Aug 0.2
Sep -0.4
Durable Goods
Jul: -2.4
Aug -0.5
Sep 7.8 (large boeing order)
CPI
Jul 0.2
Aug 0.2
Sep 0.2
Housing Data is a little skewed. Home sales may be a bit up but the price is down.
Appears like GDP is really falling.