Economists at BBH offer a brief preview of Thursday's key US macro data, the Advance first-quarter GDP report, due for release during the early North American session. The data will play will influence the US Dollar (DXY), which is trading flat near 101.48 amid ongoing concerns about First Republic, higher global equity markets and global bond yields.

Key quotes:

“Consensus currently is at 1.9% SAAR vs. 2.6% in Q4.  Personal consumption is expected at 4.0% vs. 1.0% in Q4.  The mix of Q1 growth will be important because in Q4, the bulk of growth came from inventories while personal consumption and net exports slowed.  Of note, the Atlanta Fed’s GDPNow model is tracking Q1 growth at 1.1% SAAR, down from 2.5% before yesterday’s weak data.  This is the final model update for Q1 and now the model will start tracking Q2, with the first estimate coming tomorrow.”