Forex News
RBA Board Minutes – September 2013
* The RBA have maintained their easing bias. Further changes to the cash rate are data and AUD dependent.
US Industrial Production up 0.4% in August
* US industrial production rose 0.4% in August, in line with market expectations and following an unchanged reading in July and
Morning FX Market Commentary
Dollar hit as Larry Summers withdraws from race for Fed president On Friday, a set of poor US eco data had only a limited impact on EUR/USD.
US August Retail Sales Rose 0.2% Following July’s 0.4% Increase
* Retail sales in August rose a smaller-than-expected 0.2% though July’s increase was revised up to 0.4% from a previously estimated 0.2%.
Sweden: Major revisions of GDP point to lower resource utilisation
The Q2 GDP was revised down, as we saw a risk for. More surprising was the downward revision of Q1. After the weak start of the year, GDP was only 0.1% higher than a year ago in Q2.
Morning FX Market Commentary
Still no clear trend EUR/USD still hovered up and down in the 1.33 area yesterday. USD/JPY lost some ground as core bond yields drifted lower, but this trend halted this morning.
US Economic Update – September 2013
– US GDP for the June quarter revised up from 1.7% (annualized rate) to 2.5%. – While some partial indicators were soft at the start of the September quarter,
China Economic Comment – September 2013
There has been a large divergence in views over the future path of China’s monetary policy/stimulus over the medium term.
US Initial Claims Plunged to 292,000 the Week Ending September 7
US initial claims plunged 31,000 in the week ending September 7, the lowest level for the measure since April 2006, following a 10,000 dip to an unrevised 323,000 the previous week.
Sweden: CPIF-inflation just above expectations
CPI rose by 0.1% on the month in August. This was above our view but in line with consensus as well as the Riksbank’s forecasts.
Swedish unemployment still below the Riksbank’s forecast
On the back of the strong summer outcomes it came as no surprise that the unemployment edged up somewhat in August.
Morning FX Market Commentary
Dollar under slight pressure as core yields are off the highs With little high profile news on the agenda, trading in the major currency cross rates was technical in nature and order driven.