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Key data releases - Time for take off? - Rabobank

FXStreet (Barcelona) - Analysts at Rabobank gave us a break down of the key events for the day ahead.

Key Quotes:

“The major data releases of the day are in the US, where we have durable goods, the S&P/CS house price series, and consumer confidence”.

“The first, always a multi-layered Rorschach release that seems to allow both bulls and bears to read what they want into it, is expected at 0.5% MoM headline after a -18.4% print last month (which in turn came after a huge surge the month before)”.

“Capital goods orders excluding defence are seen +0.7% MoM, which would be a healthy reading too. Meanwhile, US house price inflation is expected to have edged down to just 5.7% YoY in August, even if a 0.2% MoM increase is also consensus: clearly price momentum is moderating in the sector, and more detailed data suggest that much more strength in being seen in the multi-unit rental sector than in traditional family homes, indicative of the ‘new normal’”.

“Consumer confidence is meanwhile expected to rise from 86 to 87, which is a fairly healthy reading if still well below the pre-crisis peaks of over 110. It will be interesting to see if Ebola, ISIS, October’s wild market gyrations, and the slowdown in Europe and China have more of an impact at the national level than they did in Michigan (which is not exactly on the front line for any of those issues.)”.

“Of course, the two-day Fed meeting also starts, with the FOMC cloistered away carefully working on their wording (see the latest FOMC preview from Philip Marey on that topic): as usual, there won’t be any white smoke seen until tomorrow night”.

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