6 Dec 2013
Flash: Data recap, GBP, EUR, USD – Rabobank
FXstreet.com (London) - Despite the impressive NFP’s data from the US today, strategists at Rabobank recap the week's data effecting GBP, EUR and USD directly.
Key Quotes:
“The BoE kept rates on hold at 0.5% as expected, while the government’s updated fiscal forecasts in its Autumn Statement showed that austerity will continue ahead despite growth now projected at 1.4% in 2013 and 2.4% in 2014, up from 0.6% and 1.8% respectively in March”.
“The ECB also kept all rates unchanged. In his opening statement, which – in terms of its broader message - was not very different from the one of last month, ECB President Draghi said that data had confirmed its previous decision. Overall, we believe these staff projections leave room for further action in the medium-term, especially in the event of further setbacks in terms of economic data or inflation. At the same time, however, these forecasts do not point to imminent action”.
“US data were notably strong. Initial claims printed at just 298K (320K consensus), below 300K for the first time since early September. Moreover, final Q3 GDP was stronger than expected at 3.6% QoQ annualized (3.1% consensus and 2.8% previous estimate), although personal consumption was actually weaker at just 1.4% (1.5% consensus) and the bulk of the GDP increase (almost half in fact) was accounted for by an inventory build-up, which suggests Q4 could be much weaker”.
Key Quotes:
“The BoE kept rates on hold at 0.5% as expected, while the government’s updated fiscal forecasts in its Autumn Statement showed that austerity will continue ahead despite growth now projected at 1.4% in 2013 and 2.4% in 2014, up from 0.6% and 1.8% respectively in March”.
“The ECB also kept all rates unchanged. In his opening statement, which – in terms of its broader message - was not very different from the one of last month, ECB President Draghi said that data had confirmed its previous decision. Overall, we believe these staff projections leave room for further action in the medium-term, especially in the event of further setbacks in terms of economic data or inflation. At the same time, however, these forecasts do not point to imminent action”.
“US data were notably strong. Initial claims printed at just 298K (320K consensus), below 300K for the first time since early September. Moreover, final Q3 GDP was stronger than expected at 3.6% QoQ annualized (3.1% consensus and 2.8% previous estimate), although personal consumption was actually weaker at just 1.4% (1.5% consensus) and the bulk of the GDP increase (almost half in fact) was accounted for by an inventory build-up, which suggests Q4 could be much weaker”.