U.S. Housing Starts Plunge 9.4% In September

Trading 17 oct 2019 Commentaire »

After reporting a substantial increase in new residential construction in the previous month, the Commerce Department released a report on Thursday showing a sharp pullback in U.S. housing starts in the month of September.

The Commerce Department said housing starts plunged by 9.4 percent to an annual rate of 1.256 million in September after soaring by 15.1 percent to a revised 1.386 million in August.

Economists had expected housing starts to drop by 3.2 percent to an annual rate of 1.320 million from the 1.364 million originally reported for the previous month.

The report said building permits also slumped by 2.7 percent to an annual rate of 1.387 million in September after jumping by 8.2 percent to a revised 1.425 million in August.

Building permits, an indicator of future housing demand, had been expected to tumble by 4.9 percent to a rate of 1.350 million from the 1.419 million originally reported for the previous month.


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*U.S. Initial Jobless Claims Inch Up To 214,000 In Week Ended 10/12

Trading 17 oct 2019 Commentaire »

U.S. Initial Jobless Claims Inch Up To 214,000 In Week Ended 10/12


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U.S. Weekly Jobless Claims Inch Up To 214,000

Trading 17 oct 2019 Commentaire »

First-time claims for U.S. unemployment benefits saw a modest increase in the week ended October 12th, according to a report released by the Labor Department on Thursday.

The report said initial jobless claims edged up to 214,000, an increase of 4,000 from the previous week's unrevised level of 210,000. Economists had expected jobless claims to inch up to 215,000.

The Labor Department said the less volatile four-week moving average also crept up to 214,750, an increase of 1,000 from the previous week's unrevised average of 213,750.


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Pound Surges After U.K., EU Agree On New Brexit Accord

Trading 17 oct 2019 Commentaire »

The pound rallied against its key counterparts in the European session on Thursday, after the U.K. and the European Union concluded a new Brexit deal following days of intense negotiations, as EU leaders gather in Brussels.

The European Commission President Jean-Claude Juncker said the accord was "fair and balanced" and he would recommend the 27 EU member states to back it at the summit.

The deal places Northern Ireland in the UK's customs territory, while avoiding the need for a customs border between Ireland and Northern Ireland.

The UK Parliament will vote on the revised Brexit deal at an extraordinary sitting on Saturday.

But the Northern Irish party said they could not back the deal, due to gaps in customs and consent issues, as well as sales tax arrangements.

Data from the Office for National Statistics showed that UK retail sales remained flat in September.

Retail sales volume, including auto fuel, was unchanged from the previous month, following a 0.3 percent drop in August. Sales were forecast to fall 0.2 percent.

Survey data from the Bank of England showed that UK lenders expect the availability loans to the corporate sector to fall in the next three months to end-November, at the fastest rate since early 2008.

Bank of England expects the availability of credit provided to the corporate sector to fall 13.5 percent in the next three months, which is the worst decline since the first quarter of 2008.

The currency weakened in the Asian session as Northern Ireland's Democratic Unionist Party rejected its backing of Boris Johnson's current Brexit plan in its current form.

"As things stand, we could not support what is being suggested on customs and consent issues, and there is a lack of clarity on VAT (value-added tax)," the DUP said in a brief statement.

The pound neared the key 1.30 level against the greenback, surging 1.9 percent to a 5-month peak of 1.2990. That follows a drop to 1.2749 at 1:45 am ET. The pound had ended yesterday's trading session at 1.2828 against the greenback. The currency is likely to locate resistance around the 1.32 region, if it rallies again.

The pound soared 1.8 percent to near a 5-month high of 1.2893 against the franc, after falling as low as 1.2667 at 2:30 am ET. The pound was trading at 1.2760 per franc at yesterday's close. Further upward trading may see the pound challenging resistance around the 1.30 area.

After a brief drop to 138.62 against the Japanese yen at 1:45 am ET, the pound rallied 2 percent on the news, touching nearly a 5-month high of 141.51. At Wednesday's trading close, the pair was quoted at 139.52. Extension of the pound's uptrend may lead it to a resistance around the 143.00 region.

The pound was up by 1.2 percent at 0.8574 against the euro, its biggest since May 6. The rally in currency came after a fall to 0.8682 at 1:45 am ET. The euro-pound pair was worth 0.8628 at Wednesday's close. Next near term resistance for the pound could be possibly seen around the 0.84 level.

In today's events, U.S. weekly jobless claims for the week ended October 12, building permits, housing starts and industrial production, all for September, will be featured in the New York session.


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U.S. Weekly Jobless Claims Inch Up To 214,000

Trading 17 oct 2019 Commentaire »

First-time claims for U.S. unemployment benefits saw a modest increase in the week ended October 11th, according to a report released by the Labor Department on Thursday.

The report said initial jobless claims edged up to 214,000, an increase of 4,000 from the previous week's unrevised level of 210,000. Economists had expected jobless claims to inch up to 215,000.

The Labor Department said the less volatile four-week moving average also crept up to 214,750, an increase of 1,000 from the previous week's unrevised average of 213,750.


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*Philly Fed Index Drops To 5.6 In October

Trading 17 oct 2019 Commentaire »

Philly Fed Index Drops To 5.6 In October


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*Canadian Manufacturing Sales Rose 0.8% In August

Trading 17 oct 2019 Commentaire »

Canadian Manufacturing Sales Rose 0.8% In August


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*U.S. Housing Starts Plunge 9.4% In September, Building Permits Drop 2.7%

Trading 17 oct 2019 Commentaire »

U.S. Housing Starts Plunge 9.4% In September, Building Permits Drop 2.7%


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*U.S. Initial Jobless Claims Inch Up To 214,000 In Week Ended 10/11

Trading 17 oct 2019 Commentaire »

U.S. Initial Jobless Claims Inch Up To 214,000 In Week Ended 10/11


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Dollar Mixed Ahead Of U.S. Economic Reports

Trading 17 oct 2019 Commentaire »

U.S. weekly jobless claims for the week ended October 12 and housing starts for September are due at 8.30 am ET Thursday. Ahead of these data, the greenback traded mixed against its major counterparts. While the greenback fell against the franc, it rose against the pound. Against the yen and the euro, it was steady.

The greenback was worth 108.70 against the yen, 0.9892 against the franc, 1.1116 against the euro and 1.2800 against the pound at 8:25 am ET.


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