Forex News
Norway: Somewhat higher, but still below forecast
• Somewhat higher core inflation• But still well below Norges Bank’s view • But weaker NOK more than enough to offset lower inflation
Macro viewpoint: Don’t worry about weak Swedish consumption
Also in September consumers to a large extent stayed away from shopping according to Statistics Sweden.
Housing Finance – September 2013
Total housing lending rose by 5.3% in September, following a modest fall of 1.6% in August. Housing-related lending toinvestors and owner-occupiers remains on a solid uptrend.
Canadian Housing Starts Unexpectedly Rise in October
Housing starts edged higher by 1.2% to an annualized 198,300 in October 2013, thereby defying market expectations for a 190,800 reading in the month.
Canadian Employment Rose a Modest 13,200 in October
Canadian employment in October 2013 rose a modest 13,200 although this was slightly above both market expectations of an 11,000 gain and September’s increase of 11,900.
US Payroll Employment Jumped 200,400 October
Non-farm payroll employment jumped a stronger than expected 204,000 in October 2013 following upwardly revised growth of 163,000 (was 148,000) and
French public debt rising to more than 100% of GDP? A scenario analysis
Markets may shrug off the downgrade of France by S&P for now as they have become accustomed to worse than small downgrades from AA+ to AA.
Macro Viewpoint: Swedish industry still on a weak trend
The September data for the manufacturing industry were much weaker than expected. Despite the improvement seen in indicators, the trend for production is still weak.
Morning FX Market Commentary
Euro plunges after ECB rate cut The surprise ECB rate cut and to a much lesser extent the stronger US GDP report pushed EUR/USD 200 pips lower to about 1.33,
Norway: Higher inflation, but still on the downside to Norges Bank
Somewhat higher inflation Core inflation fell from 2.5% in August to 1.7% in September surprising everybody including Norges Bank.
RBA Statement on Monetary Policy – November 2013
The RBA cut rates by 0.25% to 2½% on 6th August and has maintained an easing bias since then. The growth and inflationforecast updates provided in today’s release
US GDP Grew a Stronger than Expected 2.8% in the Third Quarter
The advance estimate of US third-quarter 2013 gross domestic product (GDP) growth was 2.8%, which was above both the 2.5% increase in the second quarter and