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The outlook for the US economy is certainly on the up. The preliminary GDP number for the second quarter left economic forecasts in its wake, coming in at 4%, thus confirming the upswing and helping to negate the fairly torrid growth in the first quarter of this year.
US private payrolls may have missed expectations on Wednesday, coming in at 218,000 this month below the consensus for an increase of 230,000. The May number was, however, revised up.
The Federal Open Market Committee has reduced its quantitative easing stimulus by an additional $10 billion per month and implied that a rate hike will not take place until at least the summer of 2015.
Substantial progress in the US labour market, along with consumer confidence at a seven-year high, could spark speculation that monetary tightening will take place earlier than signalled.