http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/http://www.fxstreet.com/fundamental/http://mediaserver.fxstreet.com/images/fxstreet-provider-logo1-en.gif7http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-02-10.htmlUS: Jobless claims resume downward trend In the week ending the 4th of February, US initial jobless claims dropped unexpectedly, from an upwardly revised 373 000 to 358 000, while a slight increase was expected. The claims are now again at the lowest level in four weeks. The less volatile four-week moving average dropped lower too, from 377 250 to 366 250. There were no special factors in the data, the Labour Department added. Continuing claims, which are reported with an extra week lag,Fri, 10 Feb 2012 08:56:13 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-02-10.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-02-08.htmlGerman industrial production unexpectedly dropped in December. On a monthly basis, German production fell by 2.9% M/M, the biggest drop in almost three years, while the consensus was looking for stabilization. The previous figure was modestly upwardly revised from - 0.6% M/M to 0.0% M/M. The details show that weakness was broadbased in December as production fell in the manufacturing (-2.7% M/M) and construction (-6.4% M/M) sector and also energy production dropped (by 2.2% M/M). Within theWed, 08 Feb 2012 08:50:14 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-02-08.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-02-07.htmlIn December, German factory orders rose by 1.7% M/M, beating the market consensus which was looking for an increase by 1.0% M/M. The rebound was however far too slow to offset the 4.9% M/M decline in November. The details show that strength was based in orders from non-euro zone countries (12.3% M/M), while domestic orders dropped by 1.4% M/M and orders from euro zone countries fell by 6.8% M/M. Orders for intermediate goods stabilized in December, while orders for capital (2.8% M/M) andTue, 07 Feb 2012 08:33:13 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-02-07.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-02-06.htmlAnother strong payrolls report surprised friend & foe! In January, US nonfarm payrolls jumped by 243 000 beating even the most optimistic Bloomberg expectations. The December figure was slightly upwardly revised from 200 000 to 203 000, while the November outcome was adjusted from 100 000 to 157 000. All revisions taken into account, the payrolls came out 163 000 above market expectations! Looking at the details, private employment increased by 257 000, the biggest jump since April lastMon, 06 Feb 2012 08:59:29 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-02-06.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-02-03.htmlIn the week ended the 28th of January, US initial jobless claims dropped by 12 000, from an upwardly revised 379 000 to 367 000, while the consensus was looking for only a slight decline to 371 000. The less volatile four-week moving average dropped somewhat lower too, from 377 750 to 375 750. The Labour Department added that there we no special factors at play. Continuing claims, which are reported with an extra week lag, dropped to a new cyclical low. In the week ended the 21st of January,Fri, 03 Feb 2012 09:00:07 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-02-03.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-02-02.htmlAccording to the ADP report, US private employment grew by 170 000 in January, less than the expected 182 000 gain. The previous figure was downwardly revised from 325 000 to 292 000, which is no surprise as the record jump was probably partly due to seasonal factors and was not confirmed by the official BLS report. Looking at the January details, employment growth remained modest in both small (95 000 from 136 000) and medium size firms (72 000 from 126 000), while large firms added only 3Thu, 02 Feb 2012 08:34:52 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-02-02.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-02-01.htmlUS: consumer confidence falls back slightly After an impressive two-month rebound, the Conference Board’s consumer confidence index fell slightly back in January. The headline index dropped from 64.8 to 61.1, a relatively small correction as the index rose from 40.9 to 64.8 over the previous two months. The consensus was however looking for a further improvement in consumer confidence to 68.0. The details show that consumers became more pessimistic about the present situation (38.4 from 46.5),Wed, 01 Feb 2012 08:15:32 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-02-01.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-01-31.htmlUS: Weak consumption to weigh on Q1 growth The Personal Spending and Income data for December were close to expectations and in line with the GDP figures on spending. Personal Income rose a decent 0.5% M/M, following a 0.1% M/M increase in November. Spending was flat on the month after a 0.1% M/M gain in November. In real terms, spending was even negative. The divergence between spending and income growth means that households saved again more. The data confirm that consumer spending momentumTue, 31 Jan 2012 08:49:43 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-01-31.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-01-30.htmlUS: GDP growth picked up, but breakdown disappoints In the final quarter of 2011, US GDP growth accelerated to the fastest pace in 1.5 years. During the last three months of the year, GDP grew by an annualized 2.8% Q/Q, up from 1.8% Q/Q in the third quarter, but slightly below the market consensus of 3.0% Q/Q. The breakdown shows that household consumption picked slightly up (2.0% Q/Q from 1.7% Q/Q), but less than expected. The biggest positive contribution came from a change in inventoriesMon, 30 Jan 2012 08:26:49 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-01-30.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-01-27.htmlIn the week ended the 21st of January, US initial jobless claims rose by 21 000, from an upwardly revised 356 000 to 377 000, reversing most of the previous week’s decline. The outcome was slightly weaker than expected as the consensus was looking for an increase to 370 000. The less volatile four-week moving average dropped slightly, from 380 000 to 377 500. The labour department added that there was nothing unusual in the data, but please keep in mind that the week under review included theFri, 27 Jan 2012 08:26:35 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-01-27.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-01-26.htmlEMU: IFO indicator suggests the trend has turned In January, the German IFO business climate indicator rose for a third consecutive month, suggesting that the trend has turned . The headline index rose from 107.3 to 108.3, whereas a more moderate increase was expected (to 107.6). The details show that the improvement was based in the expectations sub-index, which rose from 98.6 to 100.9, while the current assessment weakened slightly (from 116.7 to 116.3), but remain at historically strongThu, 26 Jan 2012 09:11:33 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-01-26.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-01-25.htmlUS: Richmond Fed index beats market expectations The Richmond Fed manufacturing index showed a strong improvement in January. The headline figure rose from 3 to 12, while only an increase to 6 was forecast, bringing the index back to its highest level since March last year. The improvement in sentiment is confirmed by the details as shipments (17 from 3), new orders (14 from 7), capacity utilization (8 from 0) and number of employees (4 from -4) rose significantly. Average workweek (4 from 3),Wed, 25 Jan 2012 08:38:28 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-01-25.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-01-23.htmlUS: existing home sales hit 11-month high In December, US existing home sales rose for a third consecutive month, broadly in line with expectations. Existing home sales rose by 5.0% M/M to a total level of 4.61 million, while the previous figure was slightly downwardly revised. The details show that sales of both single family homes (4.6% M/M) and condos (8.7% M/M) rose in December and the rebound was also wide-spread across regions. Months’ supply dropped from 7.2 to 6.2 and the number ofMon, 23 Jan 2012 08:35:47 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-01-23.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-01-20.htmlIn the week ended the 14th of January, US initial jobless claims dropped at its sharpest pace since September 2005. Initial claims fell by 50 000 from an upwardly revised 402 000 to 352 000, while only a marginal decline was expected. Initial jobless claims are now back at the lowest level since April 2008. The less volatile four-week moving average dropped too, from 382 500 to 379 000. The labour department added that there was nothing unusual in the data. Continuing claims, which areFri, 20 Jan 2012 08:16:13 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-01-20.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-01-19.htmlUS: IP slightly weaker, but manufacturing gathers pace In December, US industrial production picked up by 0.4% M/M, slightly less than expected (0.5% M/M), while also the previous figure was downwardly revised from - 0.2% M/M to -0.3% M/M. The details show that weakness was based in utilities, which dropped by 2.7% M/M, probably due to the warm weather. Manufacturing production, on the contrary, rebounded by 0.9% M/M in December and mining rose by 0.3% M/M. The breakdown of the manufacturingThu, 19 Jan 2012 08:39:20 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-01-19.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-01-18.htmlUS: NY Fed index extends rebound at the start of the year The NY Empire State manufacturing index extended its rebound at the start of the new year. The headline index rose in January from a downwardly revised 8.19 to 13.48, while the consensus was looking for a more moderate increase (to 11.0). Strength is confirmed by the details as new orders (13.70 from 5.99), inventories (6.59 from -3.49), unfilled orders (-5.49 from -15.12), number of employees (12.09 from 2.33) and average workweekWed, 18 Jan 2012 08:32:59 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-01-18.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-01-16.htmlUS: Michigan consumer confidence extends rebound University of Michigan consumer confidence extended its rebound at the start of the new year. According to the preliminary estimate, Michigan consumer confidence rose from 69.9 to 74.0, beating market expectations (71.5). This is already the fifth consecutive increase, after the indicator fell sharply in August. The details show that consumers became more optimistic about both the current economic conditions (82.6 from 79.6) and the economicMon, 16 Jan 2012 09:16:52 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-01-16.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-01-13.htmlOver the previous two weeks, there was a lot of trader talk that the market was extremely short euro. Until yesterday, this was not enough to trigger the overdue short squeeze in EUR/USD. However, over the previous 24 hours, the dominos fell in place for the correction to take place.Fri, 13 Jan 2012 08:39:13 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-01-13.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-01-12.htmlEMU: German GDP contracted in the fourth quarter Yesterday morning, the German Federal Statistical Office released the first estimate of German GDP growth for 2011. According to the report, German GDP grew by 3.0% Y/Y in 2011, down from 3.7% Y/Y in 2010, but in line with market expectations. While the German economy continued to grow strongly, most of it occurred in the first half of the year. The details show that the main impetus for growth in 2011 was provided by domestic demand withThu, 12 Jan 2012 08:42:05 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-01-12.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-01-11.htmlIn December, US NFIB small business optimism improved for a fourth consecutive month. The headline index rose from 92.0 to 93.8, in line with expectations. The details show an increase in the number of firms reporting: plans to increase inventories (2% from 0%), expect better economy (-18% from -12%), expect higher sales (9% from 4%), inventory satisfaction (0% from -1%), easing of credit conditions (-9% from -10%), good time to expand (10% from 8%) and a significant rise firms seeing positiveWed, 11 Jan 2012 08:33:13 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-01-11.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-01-10.htmlIn November, German industrial production dropped by 0.6% M/M, broadly in line with expectations. The details show that weakness was based in the manufacturing sector (-1.0% M/M) and in energy (-0.4% M/M), while construction rebounded by 4.5% M/M. Within the manufacturing sector, weakness was broad-based as production of intermediate (-1.4% M/M) and capital (-1.0% M/M) goods and durable (-3.3% M/M) and non-durable (-0.2% M/M) consumer goods all dropped in November. These data confirm what theTue, 10 Jan 2012 08:15:06 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-01-10.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-01-09.htmlUS: Online sales and mild weather boost payrolls According to the official payrolls report, US employment growth accelerated more than expected in December. Employment rose by 200 000 in the last month of the year, more than the forecasted 155 000 increase and twice as much as in November. The November outcome was however downwardly revised from 120 000 to 100 000, while the October figure was upwardly revised from 100 000 to 112 000. Overall the net revisions were rather small (-8 000)Mon, 09 Jan 2012 08:20:28 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-01-09.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-01-06.htmlIn the US, the ADP employment report continued to surprise on the upside of expectations in December. According to the ADP report, private employment rose by 325 000 in December, up from 204 000 in November, and sharply above the consensus estimate of 178 000. This is this largest monthly increase in the 11-year history of the survey. The details show that strength is broad-based as employment picked up in small (148 000 from 109 000), medium-size (140 000 from 84 000) and large (37 000 fromFri, 06 Jan 2012 08:35:08 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-01-06.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-01-05.htmlUS: orders post first increase in three months In November, US factory orders rose for the first time in three months. On a monthly basis, factory orders rose by 1.8% M/M, broadly in line with expectations and the previous figure was upwardly revised from - 0.4% M/M to -0.2% M/M. The details show that strength was mainly based in durable goods orders (3.7% M/M), while non-durable orders rose only slightly (0.3% M/M). Most of the strength was due to a rebound in transportation orders, whileThu, 05 Jan 2012 09:03:25 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-01-05.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-01-04.htmlUS: manufacturing ISM extends rebound In December, the US manufacturing ISM rose for a second straight month. The ISM for the manufacturing sector rose from 52.7 to 53.9, beating market expectations, which were looking for a more moderate increase to 53.5. The improvement is confirmed by the details as production (59.9 from 56.6), new orders (57.6 from 56.7), backlog of orders (48.0 from 45.0), employment (55.1 from 51.8), new export orders (53.0 from 52.0) and imports (54.0 from 49.0) allWed, 04 Jan 2012 08:44:02 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-01-04.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-01-03.htmlThe final figure of euro zone manufacturing PMI for December confirmed the first estimate, showing a slight increase from the previous month. The headline index rose from 46.4 to 46.9, the first increase in nine months, but remains significantly below the 50-level. National data show an upward revision in the German reading (48.4 compared to a first estimate of 48.1), while the French one was confirmed at 48.9. Also in Greece (42.0 from 40.9), Italy (44.3 from 44.0) and the Netherlands (46.2Tue, 03 Jan 2012 08:17:35 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2012-01-03.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2011-12-15.htmlEuro zone industrial production dropped in October for a second straight month. On a monthly basis, industrial production fell by 0.1% M/M, while the consensus was looking for stabilization. The breakdown shows a mixed picture as production of energy (-0.9% M/M), intermediate goods (-0.8% M/M) and durable consumer goods (- 0.4% M/M) continued to weaken in October, while production of capital goods (1.2% M/M) and non-durable consumer goods (0.6% M/M) picked up. Also national data are mixed asThu, 15 Dec 2011 08:36:25 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2011-12-15.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2011-12-14.htmlIn November, US retail sales disappointed, rising at the slowest pace since June. On a monthly basis, retail sales increased by 0.2% M/M, while the consensus was looking for a jump by 0.6% M/M. The previous figure was slightly upwardly revised, from 0.5% M/M to 0.6% M/M. Looking at the details, sales of electronics (2.1% M/M), non-store retailers (1.5% M/M), clothing (0.5% M/M), motor vehicles and parts (0.5% M/M) and furniture (0.4% M/M) rose the most in November. But this was partly offsetWed, 14 Dec 2011 08:00:20 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2011-12-14.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2011-12-12.htmlIn October, the US trade deficit narrowed from an upwardly revised $44.2 billion to $43.5B, while the consensus was looking for a slightly bigger deficit of $43.9B. Both exports (-0.8% M/M) and imports (-1.0% M/M) dropped, but the decline in imports was somewhat bigger than the fall in exports. Excluding petroleum, the trade deficit widened from $17.56B to $19.08B. The decline in petroleum imports was partially price driven. Based on these October figures, net exports should make a positiveMon, 12 Dec 2011 08:36:51 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2011-12-12.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2011-12-09.htmlIn the week ended the 3rd of December, US initial jobless claims dropped by 23 000, from an upwardly revised 404 000 to 381 000. Initial jobless claims are now at the lowest level since February, while the consensus was looking for only a slight decline. The less volatile 4-week moving average dropped from 396 250 to 393 250, the lowest level since early April. The Labour Department added that part of the drop in the claims was due to the holiday effect. But also other special factors were atFri, 09 Dec 2011 09:11:41 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2011-12-09.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2011-12-08.htmlIn October, German industrial production rose for the first time in three months, making a strong start to the fourth quarter. On a monthly basis, German production rose by 0.8% M/M, while a more moderate increase was expected (by 0.3% M/M). The details show that strength was broad-based as manufacturing and mining (0.8% M/M), energy (1.1% M/M) and construction (0.4% M/M) all rebounded. Within the manufacturing sector, production of capital goods (2.2% M/M) and durable consumer goods (2.5%Thu, 08 Dec 2011 08:35:20 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2011-12-08.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2011-12-07.htmlThe preliminary estimate of euro zone Q3 GDP confirmed the advance estimate, which showed that the euro zone economy grew by 0.2% Q/Q in the three months to September. The first release of the breakdown shows that household consumption picked up (0.3% Q/Q from -0.5% Q/Q) in the third quarter, in line with expectations. Also investments rebounded in the July to September period (0.1% Q/Q from 0.0% Q/Q), but less than expected (0.6% Q/Q). Finally, also net-exports supported growth (contributedWed, 07 Dec 2011 08:28:20 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2011-12-07.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2011-12-06.htmlIn the US, the ISM for the non-manufacturing sector fell unexpectedly in November. The headline index dropped from 52.9 to 52.0, the lowest level since January 2010, while the consensus was looking for an increase to 53.9. The details are less bad that the headline index suggests . Business activity (56.2 from 53.8), inventory change (52.5 from 45.5) and inventory sentiment (63.0 from 57.5) improved sharply in November and also new orders (53.0 from 52.4), backlog of orders (48.0 from 47.0),Tue, 06 Dec 2011 09:12:09 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2011-12-06.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2011-12-05.htmlThe US payrolls report confirmed that payrolls continue to grow, but without accelerating. In November, payrolls rose by 125 000, 5 000 less than expected, but the figures for October and September were revised higher by a cumulative 70 000. In a broader perspective, Q4 payrolls (based on two months) increased on average 110 000, which compares to 147 000 in Q3 and 97 000 in Q2. So, one can discuss whether the glass is half full or half empty. The details show a balanced number of positive andMon, 05 Dec 2011 09:02:20 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2011-12-05.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2011-12-02.htmlThe US manufacturing ISM surprised on the upside of expectations in November. The headline index rose from 50.8 to 52.7, while a more moderate increase was expected (to 51.8). The details provide a more mixed picture. Production (56.6 from 50.1), new orders (56.7 from 52.4), customer inventories (50.0 from 43.5), inventories (48.3 from 46.7) and new export orders (52.0 from 50.0) posted nice gains, while employment (51.8 from 53.5), backlog of orders (45.0 from 47.5), supplier deliveries (49.9Fri, 02 Dec 2011 08:28:58 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2011-12-02.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2011-12-01.htmlAccording to the ADP report , US private employment rose by 206 000 in November, almost twice as much as expected and the biggest increase in almost one year. The previous figure was upwardly revised from 110 000 to 130 000. The details show that strength was mainly based in small firms (110 000 from 67 000), but employment picked also up in medium-size (84 000 from 60 000) and large firms (12 000 from 3 000). The sector breakdown shows that employment rose for the first time in three monthsThu, 01 Dec 2011 08:39:14 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2011-12-01.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2011-11-30.htmlUS: Consumer confidence rebound sharply US Conference Board’s consumer confidence made an impressive rebound in November. Consumer confidence jumped from 40.9 to 56.0, more than offsetting the sharp decline in October. The details show a significant improvement in both the present situation (38.3 from 27.1) and expectations (67.8 from 50.0) and also labour market sentiment picked up sharply, from -43.3 to -36.3. Recently, US economic data improved somewhat, which eased fears for a newWed, 30 Nov 2011 09:12:41 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2011-11-30.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2011-11-29.htmlUS: new home sales rose for 2nd straight month US new home sales rose in October for a second straight month. On a monthly basis, new home sales increased by 1.3% M/M to a total level of 307 000, but the previous figure was significantly downwardly revised. The outcome was slightly weaker than expected. Regional details show that strength in the Midwest (22.2% M/M) and West (14.9% M/M) was offset by somewhat weaker sales data from the Northeast (0.0% M/M) and South (-9.5% M/M). The number ofTue, 29 Nov 2011 08:38:20 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2011-11-29.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2011-11-25.htmlIn November, the German IFO business climate indicator improved unexpectedly. The headline index rose marginally, from 106.4 to 106.6, while the consensus was looking for a further decline. The breakdown shows that the current assessment subindex stayed unchanged at 116.7, while the expectations index rose from 97.0 to 97.3. Sector details show a more mixed picture as sentiment deteriorated somewhat in the manufacturing (8.6 from 9.6) and retail (1.3 from 1.9) sector, while confidence improvedFri, 25 Nov 2011 08:21:23 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2011-11-25.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2011-11-24.htmlUS: Durables report shows a mixed picture US durable goods orders dropped for a second straight month in October, in line with expectations. While the decline in October was somewhat softer than expected, the previous month’s figure was sharply downwardly revised (from -0.8% M/M to - 1.5% M/M). On a monthly basis, durable goods orders dropped by 0.7% M/M in October led by weakness in transportation (-4.8% M/M). Within transportation, nondefense aircraft dropped by 16.4% M/M, while vehicles andThu, 24 Nov 2011 08:13:45 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2011-11-24.html