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Sep 2, 2014
US Manufacturing booming - ING
FXStreet (Łódź) - Rob Carnell from ING comments on the US ISM Manufacturing numbers which came in stronger than expected in August, growing to 59 from 58 seen in July.
Key quotes
"These figures are consistent with annualised GDP growth of about 5.0%, though at this stage, we would suggest that GDP will struggle to grow anything like that fast in 3Q14, especially given the weak start to consumer spending in July."
"Nevertheless, if business is booming as strongly as these figures suggest, it helps tip the balance back in favour of a decent third quarter."
"This was a very strong set of activity data which stand at odds with consumer spending weakness at the beginning of this quarter."
"This data continues to make normalisation of monetary policy look sensible and the ongoing rally in Treasuries hard to sustain. That is not to say it won't continue. There is clearly more to this bond rally than the macro fundamentals."
Key quotes
"These figures are consistent with annualised GDP growth of about 5.0%, though at this stage, we would suggest that GDP will struggle to grow anything like that fast in 3Q14, especially given the weak start to consumer spending in July."
"Nevertheless, if business is booming as strongly as these figures suggest, it helps tip the balance back in favour of a decent third quarter."
"This was a very strong set of activity data which stand at odds with consumer spending weakness at the beginning of this quarter."
"This data continues to make normalisation of monetary policy look sensible and the ongoing rally in Treasuries hard to sustain. That is not to say it won't continue. There is clearly more to this bond rally than the macro fundamentals."