15 Jun 2015
Key events in the US: Industrial production expected to rise to 0.2%mom – KBC
FXStreet (Barcelona) - The KBC Bank Research Team previews and shares their forecast for the US data releases ahead – Industrial Production, Empire State manufacturing survey and the NAHB housing sentiment.
Key Quotes
“In the euro area, the calendar is second-tier, but in the US, the combination of the Empire State manufacturing survey, industrial production and NAHB housing sentiment is interesting, albeit having probably not too much market moving potential. The Empire State headline index for June is expected slightly higher at 6 from 3 previously, which suggests a marginal better climate. The sector is still feeling the impact from the stronger dollar and lower oil prices, but orders are slightly higher. While the index is volatile, we don’t expect it to change dramatically and thus ahead of the FOMC, it shouldn’t move the market.”
“Industrial production is expected to be up a meagre 0.2% M/M. It would be the first positive monthly figure in six months. Manufacturing output is expected slightly and might be even stronger than the 0.3% M/M consensus figure. However, mining is probably still weighing on total production and so may be utility output.”
“For the NAHB homebuilders sentiment we expect the small decline in May to be reversed with the index climbing to 56 from 54, which would keep homebuilders’ sentiment quite positive, in line with other housing data.”
Key Quotes
“In the euro area, the calendar is second-tier, but in the US, the combination of the Empire State manufacturing survey, industrial production and NAHB housing sentiment is interesting, albeit having probably not too much market moving potential. The Empire State headline index for June is expected slightly higher at 6 from 3 previously, which suggests a marginal better climate. The sector is still feeling the impact from the stronger dollar and lower oil prices, but orders are slightly higher. While the index is volatile, we don’t expect it to change dramatically and thus ahead of the FOMC, it shouldn’t move the market.”
“Industrial production is expected to be up a meagre 0.2% M/M. It would be the first positive monthly figure in six months. Manufacturing output is expected slightly and might be even stronger than the 0.3% M/M consensus figure. However, mining is probably still weighing on total production and so may be utility output.”
“For the NAHB homebuilders sentiment we expect the small decline in May to be reversed with the index climbing to 56 from 54, which would keep homebuilders’ sentiment quite positive, in line with other housing data.”