US Market Wrap: A whiff of risk aversion in the air
- Japan: CPI, Employment, Household Spending: 1930 GMT
- Japan: Industrial Production-August: 1950 GMT
US Data released:
- Annualised Q2 GDP (Actual 1.4% vs. forecast 1.3%)
- Initial jobless claims (Actual 254,000 vs. forecast 260,000)
- PCE, Q1 (Actual 2.0% vs, forecast 2.0%, Core 1.8% vs. forecast 1.8%, q/q)
- Pending Home Sales for August (Actual 2.4% vs. forecast 0.0%)
Forex markets have the attention span of a gnat. Yesterday’s Opec story and the ensuing hoopla gave way to bank concerns. That led to a bit of risk aversion trading with both the Swiss franc and the Japanese yen posting gains. EURUSD was flat. Furthermore, most of today’s US data came in on the strong side, providing additional support to the December rate hike camp.
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– Edited by Robert Ryan