8:30am (NY Time)
With Adv. GDP being the first GDP release of the three, it is usually the most volatile GDP releases with the highest potential for a surprise number. Because of the high impact GDP has on future monetary policy, and the fact that this will probably be the most important news until NFP release scheduled for next Friday.
US is the largest economy in the world, it’s GDP is made up 2/3 of Consumer Spending, and a positive GDP shows resilience in the U.S. economy and a strong message that economic recovery is still alive and well in the U.S. Therefore, this release will be considered as risk event by traders.
The medium forecast out of 67 economists surveyed by Bloomberg agree that the annual GDP rate ending in December 2010 will be at 3.5%.