US: Real GDP contracts by 0.6% in Q2 as expected

• Real GDP in the US declined by 0.6% in the second quarter.
• US Dollar Index stays in positive territory above 113.00.

The US economy contracted at an annualized rate of 0.6% in the second quarter, the US Bureau of Economic Analysis' (BEA) third and final estimate showed on Thursday. This reading came in line with the market expectation and the previous estimate.

"In the second estimate, the decrease in real GDP was also 0.6%," the BEA noted in its publication. "The update primarily reflected an upward revision to consumer spending that was offset by a downward revision to exports. Imports, which are a subtraction in the calculation of GDP, were revised down."

Market reaction

The US Dollar Index showed no immediate reaction to this report and was last seen gaining 0.4% on the day at 113.15.