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/2009-11-20.htmlIn November, the Philly Fed manufacturing index surprised on the upside of expectations rising from 11.5 to 16.7, while the consensus was looking for a figure of 12.2. The breakdown shows that both new orders (14.8 from 6.2) and shipments (15.7 from 3.3) rose significantly in November. Also inventories (-17.3 from -31.8), number of employees (-0.5 from -6.8) and average workweek (2.0 from -4.7) improved, while unfilled orders and delivery time deteriorated somewhat. Prices paid dropped fromFri, 20 Nov 2009 09:21:59 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-11-20.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-11-19.htmlIn October, both US housing starts and permits dropped for the second consecutive month, while the consensus was looking for a slight increase. Housing starts fell by a sharp 10.6% M/M from an upwardly revised 592 000 to 529 000, while a figure of 600 000 was expected. The decline was led by multi-family starts (-36.4% M/M), but also the less volatile single family starts dropped (-6.8% M/M). Building permits dropped by 4.0% M/M in October, from a revised 575 000 to 552 000, while an outcomeThu, 19 Nov 2009 08:38:00 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-11-19.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-11-18.htmlUS: manufacturing production falls for the first time in four months Industrial production surprised on the downside of expectations in October. On a monthly basis, industrial production rose by 0.1% M/M, while an increase by 0.4% M/M was expected. The previous figure was downwardly revised from 0.7% M/M to 0.6% M/M. The breakdown shows a slight decline in manufacturing (-0.1% M/M) due to a 1.7% M/M decline in motor vehicles and parts (-1.7% M/M), but also computer and electronics (-0.3% M/M)Wed, 18 Nov 2009 08:40:12 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-11-18.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-11-17.htmlIn October, US retail sales surprised on the upside of expectations rising by 1.4% M/M, while an increase by 0.9% M/M was expected. The September figure was significantly downwardly revised from -1.5% M/M to -2.3% M/M. Looking at the details, sales were again boosted by motor vehicles and parts (7.4% M/M) and therefore, core retail sales (excluding autos and gas) showed a more moderate increase (0.3% M/M). The core reading was boosted by strong sales in eating and drinking (1.2% M/M), generalTue, 17 Nov 2009 09:22:58 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-11-17.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-11-16.htmlUniversity of Michigan consumer confidence dropped for the second consecutive month in November. The headline index fell from 70.6 to 66.0, while a marginal improvement was forecasted. The breakdown shows deterioration in both the economic conditions (69.6 from 73.7) and economic outlook (63.7 from 68.6). The jobless rate which jumped above 10%, to a 26-year high, is weighing on consumer sentiment in the United States. In September, the US trade balance showed a significant widening in theMon, 16 Nov 2009 08:38:04 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-11-16.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-11-13.htmlIn the week ended November 7, initial claims dropped by 12 000 from an upwardly revised 514 000 to 502 000, while an outcome of 510 000 was expected. Also continuing claims, which are reported with an extra week lag, surprised on the downside of expectations. In the week ended October 31, initial claims dropped from an upwardly revised 5 770 000 to 5 631 000, significantly below the consensus. This outcome confirms again that fewer workers are losing their jobs, which might translate in aFri, 13 Nov 2009 08:37:08 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-11-13.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-11-10.htmlIn Germany, industrial production rose for the second consecutive month in September. On a monthly basis, industrial production rose by 2.7% M/M, while the consensus was looking for an increase by 1.0% M/M. The previous figure was upwardly revised from 1.7% M/M to 1.8% M/M. Looking at the details, manufacturing and mining rose by 3.2% M/M due to a 5.9% M/M increase in capital goods, while consumer goods rose by 2.3% M/M and intermediate goods by 0.9% M/M. Energy rose slightly (0.4% M/M), whileTue, 10 Nov 2009 10:49:03 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-11-10.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-11-09.htmlAccording to the official payrolls report, employment dropped by 190 000 in October, while a decline by 175 000 was forecasted. The October outcome was somewhat weaker than expected, but the previous two figures were significantly upwardly revised. The September reading was upwardly revised from -263 000 to -219 000, while the August figure showed an upward adjustment from -201 000 to -154 000. All revisions taken into account, employment dropped by 76 000 less than expected. Looking at theMon, 09 Nov 2009 08:55:11 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-11-09.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-11-06.htmlIn the week ended October 18, initial claims dropped by 20 000 from an upwardly revised 532 000 to 512 000, while the consensus was looking for a figure of 522 000. Continuing claims , which are reported with an extra week lag, came out even more in line with expectations falling from an upwardly revised 5 817 000 to 5 749 000. The figures indicate that the trend in claims is still downwards and provides further evidence that the payrolls, scheduled for release today, might resume theirFri, 06 Nov 2009 08:44:55 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-11-06.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-11-05.htmlIn October, the ADP employment report came out close to expectations showing a decline in employment by 203 000, while a drop by 198 000 was forecasted. The previous figure was upwardly revised from -254 000 to -227 000. Looking at the details, employment dropped by 117 000 in goods-producing of which 65 000 in manufacturing. In the service-producing sector, employment fell by 86 000 in October . This outcome suggests that also the payrolls report might came out somewhat weaker than expected,Thu, 05 Nov 2009 08:59:17 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-11-05.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-11-04.htmlIn September, US factory orders rose by 0.9% M/M, slightly more than the consen-sus estimate of 0.8% M/M. Looking at the details, shipments of durable goods orders rose by 1.4% M/M, while non-durables increased by 0.6% M/M. Inventories fell for the thirteenth consecutive month in September. The sharp decline in inventories and improvement in orders provides further evidence that also the US manu-facturing sector is recovering, even if the report brought us little new info after the release ofWed, 04 Nov 2009 09:23:28 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-11-04.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-11-03.htmlIn October, the US manufacturing sector expanded for the third consecutive month. The manufacturing ISM headline index surged from 52.6 to 55.7, while an outcome of 53.0 was expected. Looking at the details, the improvement was led by production (63.3 from 55.7) and very encouraging by employment (53.1 from 46.2), but also inventories rose steeply for the second month in a row. New orders (58.5 from 60.8) and imports (51.0 from 52.0) on the contrary dropped, but new orders remain at very loftyTue, 03 Nov 2009 08:20:45 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-11-03.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-11-02.htmlIn October, the Chicago PMI improved to its highest level in more than one year. The headline index jumped from 46.1 to 54.2, while a figure of 49.0 was forecasted. Looking at the details, the improvement was led by production (63.9 from 47.2) and new orders (61.4 from 46.3), but also order backlog (41.9 from 36.7) and supplier deliveries (50.7 from 49.3) increased. Inventories and employment, on the contrary, deteriorated slightly in October. Prices paid dropped from 51.3 to 48.6. AlthoughMon, 02 Nov 2009 08:41:10 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-11-02.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-10-30.htmlAfter four consecutive quarters of negative growth, the US economy climbed out of recession in the third quarter of 2009. According to the advance estimate, US GDP expanded by an annualized 3.5% Q/Q, while a growth figure of 3.2% Q/Q was forecasted. The breakdown shows that main growth driver was personal consumption (3.4% Q/Q), but positive contributions came also from a slower pace of inventory liquidation, government consumption (2.3% Q/Q) and residential investment (23.4% Q/Q). The surplusFri, 30 Oct 2009 08:26:01 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-10-30.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-10-29.htmlUS new home sales showed an unexpected decline in September. On a monthly basis, new home sales dropped by 3.6% M/M from a downwardly revised 417 000 to a total number of 402 000. Regional details showed a decline in the South (-10.0% M/M) and West (-10.6% M/M), while sales rose in the Midwest (34.0% M/M) and stayed flat in the Northeast. Months’ supply stayed unchanged at 7.5 in September, while the total number for sale dropped from 261 000 to 251 000. Price details showed that both medianThu, 29 Oct 2009 08:26:52 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-10-29.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-10-28.htmlIn October, Conference Board’s consumer confidence dropped from an upwardly revised 53.4 to 47.7, while the consensus was looking for a slight improvement. The details showed that consumers became more pessimistic about both the present situation (20.7 from 23.0) and expectations (65.7 from 73.7) and also labour market conditions deteriorated in October. This is the second consecutive worsening in consumer confidence, but is no surprise after the deterioration in ABC and Michigan consumerWed, 28 Oct 2009 08:17:18 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-10-28.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-10-26.htmlIn September, US existing home sales surprised on the upside of expectations rising by 9.4% M/M to total number of 5.57 million, while the consensus was looking for an outcome of 5.35 million. Both sales of single family homes (9.4% M/M) and condo’s (9.7% M/M) rose significantly in September, while months’ supply dropped considerably (7.8 from 9.3), to the lowest level since March 2007. Looking at prices of existing homes, both median ($174 900 from $177 300) and average ($219 800 from $222Mon, 26 Oct 2009 08:36:26 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-10-26.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-10-23.htmlIn the week ended October 17, initial claims surprised on the upside of expectations rising by 11 000, from an upwardly revised 520 000 to 531 000, while a figure of 515 000 was expected. Continuing claims, which are reported with an extra week lag, dropped by 98 000, from an, upwardly revised 6 021 000 to 5 923 000, while the consensus was looking for an outcome of 5 970 000. Although the initial claims disappointed somewhat, the trend is still downward as the four-week moving average droppedFri, 23 Oct 2009 07:20:46 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-10-23.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-10-22.htmlOn the 7th and 8th of October, the Bank of England Monetary Policy Committee unanimously decided to keep both its interest rates and its quantitative easing on hold, according to the Minutes. The MPC noted that developments over the month had generally been positive, but opinions were divided over the medium-term inflation outlook. As we had expected, the Minutes only confirmed that the next serious deliberation on whether or not to expand its quantitative easing programme is expected to popThu, 22 Oct 2009 07:40:15 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-10-22.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-10-21.htmlBoth US housing starts and permits surprised on the downside of expectations in September. Housing starts rose by 0.5% M/M from a downwardly revised 587 000 (earlier reported as 598 000) to 590 000. The increase was entirely based in the single family starts (3.9% M/M), while multi-family dropped by 15.2% M/M. Building permits, on the contrary, dropped by 1.2% M/M from a downwardly revised 580 000 to 573 000. Single family permits fell by 3.0% M/M, while multi-family increased by 6.0% M/M.Wed, 21 Oct 2009 07:55:23 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-10-21.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-10-20.htmlUS Home builders’ confidence unexpectedly deteriorated in October. The NAHB housing market index dropped from 19 to 18, while the consensus was looking for a slight improvement (to 20). The NAHB’s chief economist added that builders are experiencing the effects of the expiring tax credit on their sales activity, since it would be virtually impossible at this point to complete a new home sale in time to take advantage of that buyer incentive. In the coming months, it will be interesting to seeTue, 20 Oct 2009 07:22:49 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-10-20.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-10-19.htmlIn September, US industrial production rose by 0.7% M/M, while the consensus was looking for an increase by 0.2% M/M. Also the previous figure was upwardly revised from 0.8% M/M to 1.2% M/M. Looking at the details, the upward surprise was again based in the manufacturing sector (0.9% M/M) as the “Cash for Clunkers” program supported motor vehicle production (8.1% M/M). Also mining (0.7% M/M) improved, while utilities fell by 0.7% M/M. Excluding vehicles, industrial production rose by 0.4% M/M.Mon, 19 Oct 2009 08:08:46 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-10-19.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-10-16.htmlThe New York Empire State manufacturing index rose from 18.88 to 34.57 in October, the highest level in more than five years, while a slight decline was expected. The breakdown shows a sharp increase in shipments (35.08 from 5.34), new orders (30.82 from 19.84), number of employees (10.39 from -8.33) and average workweek (20.78 from 5.95), while both prices paid and received fell somewhat. Inventories rose from -25.00 to -18.18, but remain firmly in negative territory. The significantFri, 16 Oct 2009 07:43:00 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-10-16.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-10-15.htmlIn September, US retail sales dropped by 1.5% M/M, while a decline by 2.1% M/M was expected. The August reading was downwardly revised from 2.7% M/M to 2.2% M/M. Excluding autos and gas, retail sales rose by 0.4% M/M twice as much as the forecasted. The breakdown shows that the negative headline figure was due to a sharp decline in motor vehicles and parts (-10.4% M/M) attributable to the ending of the “Cash for Clunkers” program. Also miscellaneous (-1.9% M/M), building materials (-0.2% M/M)Thu, 15 Oct 2009 07:30:36 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-10-15.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-10-14.htmlIn October, the German ZEW indicator showed its first decline in one year. The headline index dropped from 57.7 to 56.0, while the consensus was looking for a slight increase (to 58.8). The current situation, on the contrary, rose from -74.0 to - 72.2, the fifth consecutive improvement, but the increase was somewhat smaller than expected. After the impressive rally, the ZEW disappointed in the last two months, but we wouldn’t take it too serious and wait for the more reliable IFO and PMI’s toWed, 14 Oct 2009 07:55:09 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-10-14.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-10-12.htmlThe trade deficit unexpectedly narrowed in August to $30.7 B from $31.9 B previously. However, it was only a partial reversal from the widening of previous months. The 3-month average widened still slightly to $30B from $28.5 B. Exports rose by a meagre 0.2%, but imports dropped 0.6% M/M. The decline in imports was due to crude and aircraft, while cars rose still strongly (effect cash for clunkers). We wouldn’t draw many conclusions from this report. EMU: Italian and French production surgeMon, 12 Oct 2009 07:45:45 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-10-12.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-10-09.htmlInitial claims dropped a steeper than expected 33 000 to 521 000 in the most recent week, the lowest level since March, when claims peaked. The less volatile 4-week average eased to 539 750 from 548 750 previously. Also the continuing claims fell stronger than expected to a current cycle low of 6 040 000. So, overall the report suggests that the improvement in labour market conditions continued. Wholesale inventories fell a bigger-than-expected 1.3% M/M in August, while also the July figureFri, 09 Oct 2009 08:08:21 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-10-09.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-10-08.htmlGerman factory orders rose a stronger than expected 1.4% M/M in August to be down still 20.4% Y/Y, little changed from July when orders fell 20.1% Y/Y. The July rise of 3.5% M/M was revised to 3.1% M/M meaning that all in all the report was in line with expectations. The report suggests that the recovery in the German industry continued. The increase was broad-based across sectors, but with cars outperforming sharply. Q2 EMU GDP was revised down to -0.2% Q/Q from -0.1% Q/Q previously. ThereThu, 08 Oct 2009 07:39:54 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-10-08.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-10-07.htmlIn the UK, industrial production unexpectedly fell by 2.5% M/M in August, as output in the manufacturing sector declined by 1.9% M/M, while mining and quarrying dropped by 7.3% M/M. The figures dashed market expectations for a third consecutive monthly increase. The sharp decline puts downward risks to Q3 GDP growth, as on a three-month basis industrial production is now down by 0.2%.Wed, 07 Oct 2009 07:30:48 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-10-07.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-10-06.htmlJust like was the case last week with the EMU manufacturing PMI, the EMU service PMI was revised up by 0.3 points to 50.9, according to the final September report. In August, the index stood at 49.9. as a consequence of the revisions in the subindices, also the EMU composite index was revised higher to 51.1 from 50.4 in August, the highest since April of last year, and suggesting that EMU GDP growth turned positive in Q3 following a 0.2% Q/Q dip in Q2. The positive surprises in today’s finalTue, 06 Oct 2009 08:06:45 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-10-06.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-10-05.htmlThe September payrolls report disappointed, as it fell short of the expectations and didn’t show an improvement from August either. Indeed, September payrolls fell 263 000 following an upwardly revised decline by 201 000 in the previous month and a decline by 304 000 in July (earlier reported at -276 000). The unemployment rate rose to an expected 9.8%, the highest since the 1982 recession, from 9.7% previously. On top of these, the average weekly hours dropped 0.1 h to 30h, matching the cycleMon, 05 Oct 2009 07:41:30 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-10-05.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-10-02.htmlThe ISM manufacturing survey showed a near stabilization in conditions in September, whereas consensus was looking for an improvement, which also occurred in the previous eight months. However, earlier released regional survey already pointed to a weaker result. The headline ISM index fell by 0.3-points to 52.6, still pointing to rising activity in the sector and in the overall economy. The details were still relatively bullish. Indeed, new orders fell 4 points but at 60.8 they remain strongFri, 02 Oct 2009 07:58:50 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-10-02.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-10-01.htmlThe ADP employment report showed that private firms shed a net 254 000 jobs in September, following a decline by 277 000 jobs (earlier reported at 298 000). The market was slightly more optimistic, counting on a 200 000 decline (Bloomberg) or 240 000 decline (Dow Jones). This means that the market should already count on a weaker payrolls number than the consensus of -180 000. Although slightly disappointing, the September loss is the smallest since July 2008. Job losses in the service sectorThu, 01 Oct 2009 08:07:15 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-10-01.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-09-30.htmlS&P house prices showed in July a third consecutive rise, suggesting that the housing market is on the mend. The 20 cities index rose to 144.23 from 141.94. In yearly terms, the decline slowed to -13.3% following a 15.4% decline in June. The increase was broad-based with only two of the twenty metropolitan areas, notably Seattle and Las Vegas, still recording a monthly decline. September Consumer confidence index (Conference Board) unexpectedly slipped to 53.1 from 54.5 previously withWed, 30 Sep 2009 07:42:44 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-09-30.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-09-29.htmlThe Chicago Fed National Activity indicator fell in August to -0.9 from -0.56 in July. However, the less volatile three month moving average, the preferred measure, is still firmly upward oriented at -1.09 versus -1.61 in July. An indication below zero still means below trend growth in the economy and easing inflationary pressures. EMU: German CPI falls more than expected German HICP inflation fell by 0.4% M/M in September, pushing the Y/Y figure to - 0.4% Y/Y, down from -0.2% Y/Y in August.Tue, 29 Sep 2009 07:41:26 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-09-29.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-09-28.htmlDurable orders dropped in Augustus by 2.4% M/M following a 4.8% M/M increase in July. Excluding transportation durable orders were flat following a 0.9% M/M gain. Civilian aircraft orders were the volatile factor in the report down 42% in August. Both measures fell short of the consensus estimates that expected growth of 0.4% M/M and 1% M/M respectively. While a weaker outcome than expected is always a setback for those who count on an above consensus rebound in economic growth to which theMon, 28 Sep 2009 07:38:11 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-09-28.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-09-25.htmlInitial claims unexpectedly dropped by 21 000 to 530 000 in the most recent survey week, while continuing claims fell by 92 000 to 6138000, which is an 8-month low. The figures are good news as they suggest the labour market improvement accelerates. However, the claims are notorious volatile and thus not so reliable. Therefore, confirmation is needed in the next few weeks. The labour market developments are the linchpin of the sustainability of the recovery. Higher employment is needed toFri, 25 Sep 2009 07:35:05 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-09-25.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-09-24.htmlThe EMU PMI business sentiment surveys showed some further, albeit modest, improvement in September, according the flash estimate. The composite index rose 0.4 points to 50.8, the highest level since May 2008 and points to a return of positive GDP growth in Q3. The manufacturing sub-index increased to 49 from 48.2 while the services sub-index crossed the 50 boom/bust level arriving at 50.6 from 49.9 previ-ously. Despite the modest improvement, the advance fell short compared to expecta-tions.Thu, 24 Sep 2009 08:02:26 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-09-24.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-09-23.htmlThe Richmond Fed survey on manufacturing for September didn’t completely satisfy our high expectations. Indeed, while the headline index stabilized at 14 for the third month in a row, not a bad outcome; the details were more mixed, just as was the case in the Philly Fed survey released last week. New orders slipped to 13 from 18 in August and 24 in July, order backlogs fell into negative territory (-5 from +4) and so did vendor performance (-3 from 2). Shipments stabilized at a solid 22. OnWed, 23 Sep 2009 07:45:48 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-09-23.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-09-22.htmlIn August, the leading indicators rose by 0.6% M/M, following an upwardly revised 0.9% M/M increase in July, earlier reported as an 0.6% M/M increase. The August rise fell slightly shy of the 0.7% M/M increase expected, but including the revision the outcome was stronger. It was the fifth consecutive monthly increase and the index is up 1.9% Y/Y, following a 0.5% Y/Y rise in July. The leading indicators have leading qualities on production with a lead time of about 6 months.Tue, 22 Sep 2009 07:42:44 GMThttp://www.fxstreet.com/fundamental/analysis-reports/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/analysis-reports/kbc-news-picks/2009-09-22.html