U.S. Review
Third Quarter Growth Appears Solid
- Retail sales rose 0.6 percent in August as auto sales helped to boost the headline number. The stronger reading allayed some fears about consumer spending in the third quarter.
- Business inventories rose 0.4 percent in July signaling that the pace of inventory building may moderate in the third quarter. Inventory data for June were not revised higher and the rise in stocks remained at 0.4 percent.
- Import prices fell a sizable 0.9 percent in August with petroleum import prices accounting for most of the drop in the headline reading.
Global Review
Central Banks Moving in Different Directions
- July figures for U.K. industrial production bested consensus estimates, and Bank of England Governor Mark Carney indicated the Bank could hike rates as early as this spring. But political developments in the U.K. took center stage in global news this week. For perspective on the vote for Scottish Independence see our Topic of the Week on page 7.
- In the Global Review on page 4, we discuss economic developments in the United Kingdom, a record jobs report in Australia and how the Bank of Korea is reasserting its independence.
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Editors’ Picks
AUD/USD regains the constructive outlook above the 200-day SMA
AUD/USD advanced strongly for the second session in a row, this time extending the recovery to the upper 0.6500s and shifting its focus to the weekly highs in the 0.6580-0.6585 band, an area coincident with the 100-day SMA.
EUR/USD keeps the bullish performance above 1.0700
The continuation of the sell-off in the Greenback in the wake of the FOMC gathering helped EUR/USD extend its bounce off Wednesday’s lows near 1.0650, advancing past the 1.0700 hurdle ahead of the crucial release of US NFP on Friday.
Gold stuck around $2,300 as market players lack directional conviction
Gold extended its daily slide and dropped below $2,290 in the second half of the day on Thursday. The benchmark 10-year US Treasury bond yield erased its daily losses after US data, causing XAU/USD to stretch lower ahead of Friday's US jobs data.
Bitcoin price rises 5% as BlackRock anticipates a new wave of capital inflows into BTC ETFs from investors
Bitcoin (BTC) price slid to the depths of $56,552 on Wednesday as the cryptocurrency market tried to front run the Federal Open Market Committee (FOMC) meeting. The flash crash saw millions in positions get liquidated.
FOMC in the rear-view mirror – NFP eyed
The update from May’s FOMC rate announcement proved more dovish than expected, which naturally weighed on the US dollar (sending the DXY to lows of 105.44) and US yields, as well as, initially at least, underpinning major US equity indices.