21 Mar 2014
US data mixed into end of the week - WIB
FXStreet (Guatemala) - The session in Asia is slow with Tokyo out. The following is the data collected overnight from the US session which Sean Callow, analyst at Westpac Banking Corporation ABN, noted…
Key Quotes:
“The Philadelphia Fed factory index rebounded from –6.3 to +9.0 in March, fully recovering Feb’s plunge from -9.4. That’s the general business activity headline: in the key detail, only new orders fully recovered its Feb drop (down 10pts, then up 11pts); shipments were down 22, up 16; and jobs down 5, down 3”.
“US existing home sales fell 0.4% in Feb, their sixth fall in seven months, to be down almost 15% from July last year, wiping out the previous year’s sales recovery. This is a manifestation of the slow recovery in housing described in the FOMC statement yesterday, arguably at least in part due to the higher mortgage rates that have accompanied the Fed’s tapering of asset purchases”.
“US initial jobless claims rose 5k to 320k in the week ended 15/3. Since late Feb, claims have touched the extremes of their 349–315k range for the year so far, with neither extreme being associated with any data collection or seasonality issue. That claims appear to be settling near the lower end of that range is a favourable job market signal”.
Key Quotes:
“The Philadelphia Fed factory index rebounded from –6.3 to +9.0 in March, fully recovering Feb’s plunge from -9.4. That’s the general business activity headline: in the key detail, only new orders fully recovered its Feb drop (down 10pts, then up 11pts); shipments were down 22, up 16; and jobs down 5, down 3”.
“US existing home sales fell 0.4% in Feb, their sixth fall in seven months, to be down almost 15% from July last year, wiping out the previous year’s sales recovery. This is a manifestation of the slow recovery in housing described in the FOMC statement yesterday, arguably at least in part due to the higher mortgage rates that have accompanied the Fed’s tapering of asset purchases”.
“US initial jobless claims rose 5k to 320k in the week ended 15/3. Since late Feb, claims have touched the extremes of their 349–315k range for the year so far, with neither extreme being associated with any data collection or seasonality issue. That claims appear to be settling near the lower end of that range is a favourable job market signal”.