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Weekly Fundamentals - Crude's Rally Loses Momentum
ONG Focus | Insights | Written by Oil N’ Gold | Sat May 30 15 09:17 ET
Market sentiment took a step backward as US GDP data disappointed. GDP contracted -0.7% q/q in 1Q15, compared with the preliminary estimate of +0.2%. The downward revision was mainly driven by a larger-than-previously-estimated trade deficit and a smaller accumulation of inventories. Consumer spending was also revised downward. After-tax corporate profits plummeted -8.7%, the largest drop in a year, exacerbating from the -1.6% drop in 4Q14. US dollar weakened as weaker-than-expected GDP data tamed expectations of Fed funds rate hike. US dollar index fell to a 3-day low of 96.75 before ending the day at 96.91 on Friday, although it still gained +0.8% on weekly basis.
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