The Bureau of Economic Analysis released Q1 GDP data for the US on Friday 4/28. The headline number was a big disappointment at an annualized rate of 0.7%. This missed estimates around 1.3% and is a drastic drop from Q4 2016, when it saw a 2.1% GDP growth in annualized term. The 0.7% reading is the slowest rate of growth in three years. According to tradingeconomics.com, "The deceleration in real GDP in the first quarter reflected a deceleration in PCE and downturns in private inventory investment and in state and local government spending that were partly offset by an upturn in exports and accelerations in both nonresidential and residential fixed investment."Some propose that the meager reading is mainly due to seasonal adjustments. For example, a Forbes contributor commented, "Thus US GDP growth may have been slow in this first quarter but I would insist that at least some of it is a fault in our seasonal adjustments, nothing more." (Forbes.com)I think the Forbes article offers a fair point. There are more adjustments to be made before the "final" GDP. Friday's reading is the earliest of three: Advanced, Preliminary, then Final. I would expect some upwards adjustment, and I think the market feels the same way because we didn't have a strong reaction in the USD.Here's a look at the US Dollar Index (4H Chart):(click to enlarge)Price Bottom?- The 4H chart shows that the USD has been bearish.- It stalled ahead of the GDP data, and did not extend downwards even after the disappointing release.- In fact, it might be forming a price bottom, with upside to at least the 100.00 mark.- Actually, after such a poor GDP release, the lack of USD-bearish reaction suggests the market is ready to be bullish on the USD. - I would not be surprised that the USD Index rallies back to its April high within the month. - While this initial reaction was the first clue, the next will be a break above the 99.35 resistance area, which would confirm the completion of a price bottom.