Construction data and Productivity can relieve USD a bit
Today's data to the housing starts, new building permits, as well as the economic outlook of the University of Michigan couldn't reach the forecasts values. Only the unit labor costs and the non-farm productivity were more positive.
Construction improves, but below expectations.
Today published U.S. data on new building permits, as well as newly launched housing starts, although showed an improvement in the U.S. housing market, but could not fulfill the expectations of forecasts. The number of building permits rose, following a decline of 6.8% in the previous month to 2.7%, but remained 0.2% below the forecasts.
The housing starts increased by 5.9%. This is after a decline of 7.9% in the previous month although a significant recovery, but was 2.4% below the expected result.
Overall it can be said that the expectations of the real estate industry was a little on the high side, but ultimately a significant recovery in the industry is to recognize which of course allows conclusions on the further development of the U.S. economy.
Non-farm productivity and unit labor costs better than expected.
The data for non-farm productivity and unit labor costs have already shown a significant improvement in the forecasts, which was surpassed in the publication. Unit labor costs fell last quarter, by 4.2% and were up by 1.4% this quarter, with expectations stood at 1.2%.
The non-farm productivity fell in the previous quarter by 1.7% and could be increased in the quarter by 0.9%, with an expected increase of 0.6%.
Michigan index dropped significantly.
The economic outlook of the University of Michigan remains well below forecasts. This saw slight increase in consumer confidence by 0.4 points to 85.5 points. Today showed a decrease of about 5.1 to 80 points.
While the index shows a weaker consumer confidence, but only based on 500 respondents of consumers and should therefore not be too heavy weighted.
USD rose against the most counterparts
At least the market saw the todays data positiv and rose agaist his most traded counterparts. Against the EUR it gained currently 0,19% at a rate of 1,3319 an against the GBP it gained 0,13% with a currently rate of 1,5612. Against the JPY, the increase is currently 0.40% with a rate of 97.76.
The AUD against the dollar loses currently 0.44% bi a price of 0.9181.
Overall positive development of the U.S. economy.
Considered in the sum can be viewed positively, even if slight setbacks always had to cope with the development of the U.S. economy for the past few weeks. But it's these setbacks that make it seem too early for an assessment of whether the Fed in September is already less willing to support the markets. According to the testimony of Fed board members in recent weeks, it can be seen that the distribution of votes, is largely compensated for or against a throttling. This balance of the votes distribution is that it makes all necessary, the U.S. economy is concerned to observe data and statements by the Fed accurately to assess the upcoming decision on the purchases of bonds correctly.
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