Forex News
GOOD NEWS from Germany: Consumption is the main growth driver
Last week, we learned that German GDP increased by 0.7% over the quarter in Q2. Detailed data published today presented no surprise but
China: HSBC PMI improved markedly in August
The flash estimate for HSBC Manufacturing PMI in August improved markedly to 50.1 (consensus 48.2, Danske Bank 48.2) from a final reading of 47.7 in July.
FOMC minutes: Broad support for tapering timeline
Compared to the June meeting, participants were somewhat less confident about the near-term pick up in economic growth.
Norway: Mainland GDP weak, but not that weak
• Clearly weaker GDP growth than expected • Will however not counteract strong inflation
US July Housing Starts Rose a Smaller than Expected 5.9%
• Housing starts in July 2013 rose a smaller than expected 5.9% to an annualized 896,000 from an upwardly revised level in June of 846,000.
Canadian June Manufacturing Sales Down 0.5%
• Manufacturing sales dropped 0.5% in June 2013, which was below market expectations for a 0.3% gain, and followed a revised 0.6% (was 0.7%) gain in May.
Sluggish Swedish production
Statistics Sweden’s indicator for production in the business sector came in just as expected. In June, production decreased by 1.0% y/y in calendar adjusted terms,
Europe – A raft of US economic data up today
Advanced estimates of Eurozone QII GDP growth reported gentle expansion of +0.3% QoQ in the April-June quarter.
US Producer Price Index Unchanged in July
• The US producer price index (PPI) was unchanged in July 2013, and below market expectations for a 0.3% increase following 0.8% and 0.5% gains in June and May, respectively.
BOE Minutes: MPC voted 8-1 in favour of forward guidance
Policy decision: The MPC voted unanimously to leave the Bank rate at 0.5% and the target for the asset purchases unchanged at GBP 375bn.
Consumer Sentiment – August 2013
• Consumer sentiment rose by 3.5% in August to be 9.4% higher than a year ago.
Wage Price Index – June Quarter 2013
• The WPI rose by 0.7% in QII and 2.9% in annual (sa) terms. • Private sector wages are growing at 2.9%pa and public at 2.8%pa.