Lee Hardman, Currency Analyst at the Bank of Tokyo Mitsubishi UFJ believes that the near term prospects for the US economy look positive.
He notes that ISM non-manufacturing and manufacturing surveys both increased to 55.1 (+1.4ppt) and 51.5 (+1.9ppt) respectively in September.
He continues to query whether “the looming fiscal cliff poses the greatest challenge to whether renewed upward economic momentum can be sustained heading into 2013.”
The release of the FOMC minutes today from the 13th September meeting will be assessed for further clarity over what defines “a substantial improvement in US labour market conditions.”
He notes that ISM non-manufacturing and manufacturing surveys both increased to 55.1 (+1.4ppt) and 51.5 (+1.9ppt) respectively in September.
He continues to query whether “the looming fiscal cliff poses the greatest challenge to whether renewed upward economic momentum can be sustained heading into 2013.”
The release of the FOMC minutes today from the 13th September meeting will be assessed for further clarity over what defines “a substantial improvement in US labour market conditions.”
