A Snapshot of the US Economy Reveals a Positive Picture for Now……

If we look at the major averages heading into Good Friday, the picture is generally positive for the US economy. The Dow Jones Industrial Average gained 13.14 points, or 0.08% to close at 17,515.73, the NASDAQ Composite Index gained 4.64 points, or 0.10% to close at 4,773.51 and the S&P 500 index shed 0.77 points, or 0.04% to close at 2,035.94. The good news for WTI crude oil producers is that oil is on the up and up. The commodity last traded at $39.46 for no gain and no loss leading to the weekend. Meanwhile, US economic growth in Q4 2015 was reported at 1.4%. This was boosted by strong consumer expenditure, despite weakness in corporate spending. In Q3, 2015 GDP growth was recorded at 2% and for the entirety of 2015 GDP growth is measured at 2.4%. The consensus estimate for GDP growth in Q4 2015 was 1%, with a 0.4% performance surprise.

In other news, the GBP and the EUR were weaker against the USD on the back of twin terror attacks in Brussels, Belgium, and the subsequent manhunt for terrorists that ensued. Currency traders who already exited the market en masse sought refuge with the world’s premier reserve currency – the USD. Gains for the greenback were evident in the US dollar index which is now trading at 96.13 for a gain of 0.09 points or 0.09%. Over the Easter weekend, it was reported that US gasoline prices were at their lowest point in 12 years. The average price per gallon was $2. For the first three months of 2016, American motorists have saved approximately $9 billion over the first 3 months of 2015. That translates into a savings amount of $45 per motorist, despite increased travel volumes over the long weekend, and the spring. The average price of gasoline on Friday, 25 March was $2.03, and that translates into a sharp saving of 16% from the $2.42 per gallon year on year. The figure is even more impressive when it is compared to the price per gallon in 2014, when it was approximately $4.