Wednesday, 26 November 2014 21:34
U.S. personal spending increased less than expected in October, while personal income figures also came in below forecasts, official data showed on Wednesday.
In a report, the Commerce Department said that personal spending rose 0.2% last month, below expectations for an increase of 0.4%. Personal spending for September declined 0.2%.
Consumer spending is the single biggest source of U.S. economic growth, accounting for as much as two-thirds of economic activity.
Wednesday, 26 November 2014 21:18
U.S. durable goods orders rose unexpectedly in October, while core orders declined, painting a mixed picture over the strength of the economy, official data showed on Wednesday.
In a report, the U.S. Commerce Department said that total durable goods orders, which include transportation items, increased by a seasonally adjusted 0.4% last month, compared to expectations for a decline of 0.4%.
Orders for durable goods in September were revised to a decline of 0.9% from a previously reported drop of 1.1%.
Wednesday, 26 November 2014 20:44
The number of people who filed for unemployment assistance in the U.S. last week rose to an 11-week high, dampening optimism over the strength of the labor market, official data showed on Thursday.
In a report, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending November 22 increased by 21,000 to a seasonally adjusted 313,000 from the previous week’s revised total of 292,000.
Analysts had expected jobless claims to fall by 5,000 to 287,000 last week.
Wednesday, 26 November 2014 16:15
FXStreet Editor and Analyst, Omkar Godbole, sees the possibility of a re-test of 1.2535 and 1.2570 levels if the EUR/USD pair successfully breaks above 1.25.
“The EUR/USD pair finished higher at 1.2476 on Tuesday after bouncing-off from the support located near 1.24 levels. Despite the strong recovery post US GDP data, the pair is struggling near 1.2480 levels since the yesterday’s US session.”
“Moreover, the pair struggled to extend gains above the hourly 200-SMA level located at 1.2483. Interestingly, the pair also has a 10-DMA resistance located at 1.2486 levels.”
“Furthermore, the pair also faces a stiff resistance on the daily charts at 1.25 levels. Thus, a fresh demand for the Euros can be anticipated only if the pair manages to confirm a breach of 1.25 on the hourly charts.”
“In such a case, a re-test of 1.2535 and 1.2570 levels looks possible.”
“However, given the bearish daily RSI and repeated failure to rise above 1.2480 levels, the pair is more likely to dip to 1.2440 levels before making another attempt to rise above 1.2480 levels.”
Wednesday, 26 November 2014 16:00
The greenback remains on the soft side vs. the Japanese currency on Wednesday, dragging USD/JPY to session lows in the 117.75/70 band.
USD/JPY looks to US data
Yesterday’s positive GDP figures in the US economy for the third quarter and the auspicious prospects for the last three months of the year failed to lift the US dollar, triggering a correction lower instead. The downside momentum in the greenback remains today, pushing spot lower to the 117.60 region. “Our core view of the polarized postures of the Fed and the BOJ remains and we reiterate that any initial retracements in the USD-JPY may be expected to find support towards 117.00/30”, observed Emmanuel Ng, FX Strategist at OCBC Bank.
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