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FED’s Williams stated that rates are already at neutral level. It is a sign that the FED will be in no rush to hike.
Please note that President’s day is on Monday Feb 18, financial institutions will not be working therefore liquidity in the markets will be lower which can lead to volatile movements.
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CPI for the month of January came in at 1.6% y/y vs 1.5% y/y as expected with prior reading being 1.9% y/y and 0% m/m vs 0.1% m/m as expected.
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ISM Non-Manufacturing PMI came in at 56.7 vs 57.1 as expected.
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The US Congressional Budget Office lowered its estimates of the US fiscal deficit for the 2019 fiscal year. They now see the deficit at $897 billion compared to the $981 billion deficit in the April estimate. That's 4.2% of GDP instead of 4.6%. The cost of government shutdown has been projected at $11bn.
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IMF cut the global growth forecast to 3.5% for 2019 which is the lowest in 3 years; they see growth in 2020 to be at 3.6%.
On Monday most banks and financial institutions will be closed in the US due to Martin Luther King’s day so liquidity in the markets will be thinner than usual, causing higher spreads and more volatile movements.
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FED’s George, who is the most hawkish member of the FED, also acknowledged that FED can be patient and wait with rate hikes.
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December non-manufacturing PMI came in at 57.6 vs 59.0 as expected with prior reading being 60.7. Reading is a five-month low and the only bright point is that new orders ticked up higher.
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The final Manufacturing PMI for the month of December came in at 53.8 vs 53.9 as expected.
Please note that due to the New Year holidays, liquidity in the markets will be thin which can potentially lead to increased volatility and higher spreads, be sure to plan your trading accordingly.
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This week we will have the final PMI numbers for the month of December and on Friday the NFP data will be announced.
Please note that due to Christmas holidays liquidity in the markets will be thin which can potentially lead to increased volatility in the markets.
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Housing starts came in at 1256k vs 1228k as expected and building permits data came in at 1328k vs 1260k as expected.