US: Producer prices and housing index in focus - Nomura
Research Team at Nomura, suggests that the producer prices and NAHB housing price index will be in focus in today’s US session.
Key Quotes
“Producer prices: Producer prices increased by 0.3% m-o-m in September after remaining flat in August. Excluding these volatile components such as food, energy, and trade, core PPI grew 0.3% following a similar increase in the prior month. Consensus expects headline PPI to increase by another 0.3% m-o-m in October. Note that the PPI report could impact our inflation forecast (CPI and PCE) for October.”
“NAHB housing index: The NAHB housing market index edged downwards to 63 in October from 65 in September. Details of the report showed that the present single-family sales index and index for the traffic of prospective buyers’ indexes declined while the single-family future sales index moved up. Housing construction activity appears to have picked up in October as residential construction employment grew steadily over the month. However, mortgage applications for purchases were somewhat weaker in November compared to October. Taking these factors into account, we think sentiment was unchanged in November at 63.”
Author
Sandeep Kanihama
FXStreet Contributor
Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.
