Atlanta Fed Q3 GDPNow tracker raised to a sizzling 5.8% from 5.0%

<p>It's early in the quarter but the trend is unmistakable as the Atlanta Fed tracker continues to point to strong growth in Q3. In the latest update, the GDPNow measure was boosted to 5.8% from 5.0%.</p><p>"After this morning's housing starts report from the US Census Bureau and
industrial production report from the Federal Reserve Board of
Governors, the nowcasts of third-quarter real personal consumption
expenditures growth and third-quarter real gross private domestic
investment growth increased from 4.4 percent and 8.8 percent,
respectively, to 4.8 percent and 11.4 percent," the release said.</p><p>The Fed probably won't hike in September but if we get growth anywhere north of 4% in Q3, I'd expect a November hike. The case for a US dollar breakout also continues to build as evidence mounts of slowdowns elsewhere.</p>

This article was written by Adam Button at www.forexlive.com.