Median estimates are 5%. The whisper numbers out there are like 5.5-5.6%. The way the dollar has moved even higher overnight I think that if it comes in line or less than the whispers they might reverse this and give bids to Cable and Euro. We also got GDP deflator (est. 2%) and Employment cost index (est. 0.9%). Both are important gages for signs of any inflation.
My bet's placed at 5.9%. Moveover, I believe the GDP Deflator will be more important to the markets than the headline figure.
Woops. 12:34 GMT US GDP DATA FOR Q1GDP rose at an annualized pace of 4.2% in Q1, about 1% below expectations and well below the whisper number. The difference is made up in the deflator, with PCE index up 3.2%, core PCE deflator up 2.0%, implicit deflator up 2.5%. Consumer spending rose 3.8%, final sales of domestic product up 3.9%, both softer than hoped. Business investment cooled a bit, rising 7.2% rather than the double digit gains of the past couple of quarters. Government spending up 2.0%, all due to the 10.1% rise in federal outlays. This means weaker than hoped productivity gains, as well as firmer than expected price gains. Not in line with Fed expectations.