The second reading of US Q1 GDPexpects on 29th of May, to lead to a downward revision to -0.6%. “The second reading of Q1 GDP will a substantial downward revision from the 0.2% SAAR advanced estimate, and we’re looking for a -0.6% reading. The main source of downward revision comes from a mammoth March trade deficit, although it’s difficult to say how much attention markets will really pay to the negative print given the widespread talk of problems with the BEA’s seasonal adjustment.” “Earlier in the week, markets will be watching Tuesday’s durable goods report for any real signs of improvement to begin Q2 after two quarters of weakness.”