US: Focus on Q2 GDP numbers – BBH

Analysts at BBH suggest that the data focus in North America is on the US as it reports its first look at Q2 GDP while the Atlanta Fed's GDPNow sees the economy tracking 2.8% annualized growth.  

Key Quotes

“The NY Fed's tracker put it at 2.0% at the end of last week.  The median forecast from the Bloomberg survey is 2.8%.  Our own guesstimate is a bit lower.  In terms of details, the consumer is expected to have recovered from the 1.1% pace in Q1 to something close to 2.75%-3.0%.  On the other hand, the core PCE deflator may have softened considerably.   For its part, Canada reports May GDP.  A 0.2% gain would lift the year-over-year rate to 4.1% from 3.3% in April.  It would be the fastest year-over-year pace in six years.”