USD news - page 13
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The September Ivey PMI (SA) comes in at 58.4 vs. 53.1 estimate
Prior month at 52.3
US consumer credit rises by $25.873B vs 16.5B estimate
Prior month revise to 17.779 billion from 17.713 billion
September 2016 US employment trends index 128.5 vs 128.0 prior
September 2016 US employment trends index
US small business optimism index Sept 94.1 vs 95.0 exp
US Sept small business optimism index 11 Oct
US Labor Market Conditions Index Declines 2.2 In September
The Labor Market Conditions Index (LMCI) recorded a decline of 2.2 for September following a revised 1.3 decline the previous month, which was originally reported as a 0.7 fall.
The index has fallen in seven of the last eight months, which will maintain an underlying tone of doubt surrounding labour-market trends, although there are still important issues of demand and supply. There is an important risk that employment growth is being restricted by supply difficulties and, in this context, there is an important risk that underlying tightness is being under-reported.
The index has been undermined to some extent by a slightly weaker than expected US employment report. The impact will, however, be offset by the fact that the data counts private payrolls and this was stronger than the headline increase in payrolls given that there was a decline in government jobs for the month.
The LMCI was created by the Federal Reserve to provide a useful snapshot of overall conditions and does have a significant impact on Fed thinking.
The relatively subdued readings over the past few months have helped convince Fed Governors that there is still some underlying slack in labour markets and the latest data will maintain the overall tone of caution. The Fed will, therefore, remain committed to only a very slow pace of tightening.
Market impact was limited with EUR/USD probing daily lows near 1.1070. US Treasuries crept into positive territory for the day as US equities dipped significantly lower.
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August 2016 US JOLTS job openings 5.443m vs 5.724m exp
Details of the August 2016 US JOLTS report 12 October 2016
US initial jobless claims 246k vs. 253K estimate
Last week revised to 246k vs 249K
Dollar on track for weekly gain as investors await Yellen
The dollar rose on Friday, on track for a weekly gain though shy of this week's highs, as investors awaited U.S. retail sales data and remarks from Federal Reserve officials that could cement expectations of a U.S. interest rate hike this year.
The dollar index, which tracks the greenback against a basket of six major rival currencies, added 0.3 percent to 97.812 (DXY).
That was below a seven-month high of 98.129 touched on Thursday, but still up 1 percent for the week, and more than 2 percent for the month so far.
Retail sales data could offer some insight on the strength of consumption. Following the data, Fed Chair Janet Yellen will address a Boston Fed economics conference, at which Boston Fed governor Eric Rosengren will also speak.
The minutes of the latest Fed meeting in September, released on Wednesday, prompted investors to raise their bets of a Fed rate increase at its December policy meeting. Markets are now pricing in around a 70 percent chance that the Fed will move.
"There were three dissents, but the market has been jawboned into believing the Fed will raise rates in December," said Bill Northey, chief investment officer of the private client group at U.S. Bank in Helena, Montana.
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September 2016 US advance retail sales 0.6% vs 0.6% exp m/m
Details of the September 2016 US advance retail sales data report 14 October 2016
U.S. retail sales bounce back in September, core up 0.5%
Retail sales in the U.S. bounced back in September from a previous decline, bolstering optimism about consumer spending being able to push economic growth in the third quarter, official data showed on Friday.
In a report, the U.S. Commerce Department said that retail sales rose 0.6% in September from the prior month. That was in line with the consensus forecast. August retail sales decreased 0.2%, whose figure was revised from an initial 0.1% decline.
Rising retail sales over time correlate with stronger economic growth, while weaker sales signal a declining economy.
Core retail sales, which exclude automobile sales, increased by a seasonally adjusted 0.5% in September, compared to forecasts for an advance of 0.4%. Core sales in August were revised to a 0.2% decline from the prior 0.1% drop
Core sales correspond most closely with the consumer spending component of the government's gross domestic product report. Consumer spending accounts for as much as 70% of U.S. economic growth.