FXStreet (Delhi) – Piotr Matys, EM FX Strategist at Rabobank, notes that a fresh set of US data published on Tuesday provided the market with some inspiration.
Key Quotes
“According the final estimate of Q3 GDP growth, the US economy expanded by 2.0% at an annualised rate on the back of consumer spending. The downside revision from the previous estimate of 2.1% was less than a 0.2% anticipated by the market.”
“Existing home sales surprised on the negative side plunging to 4.76mn in November (the lowest since April 2014) from 5.32mn in October. However, the 10.5% m/m fall may have been caused by new regulations (Know Before You Owe) rather than a sudden drop in demand, Financial Times reported.”
“Today, we will be flooded by US indicators including personal income and spending (seen at 0.2% and 0.3% respectively in November); notoriously volatile durable goods orders (expected to fall 0.6% in November, but flat excluding transportation); new home sales (forecasted to rise by 2.0% m/m to 505k in November) and the final reading of the University of Michigan’s Consumer Sentiment Index (anticipated to edged marginally higher to 92 from the preliminary 91.8.”
(Market News Provided by FXstreet)