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Thursday's data wrap - Westpac

FXStreet (Bali) - Westpac Economics provides a wrap-up of Thursday's fundamental developments, with strong data in the US - CPI and Philly Fed business survey - the standouts.

Key Quotes

"U.S. October CPI was unchanged (consensus -0.1%), while the core index was up 0.2% (consensus 0.1%). The CPI y/y headline gain remained at 1.7% for a third consecutive month, versus 2.0% in July, a 1.0% four-year low in October of 2013, and a cycle-high 3.9% in September of 2011."

"The Philly Fed business survey surged to a 21 year high of 40.8 which sharply outpaced estimates, following prior declines to 20.7 in October and 22.5 in September from the 28.0 three-year high in August, versus a -6.3 fifteen month low last February. The ISM-adjusted measure also soared, to a 59.9 cycle high, from 55.5 in October and 56.0 in September, versus a 59.5 prior cycle high in July and a 49.0 nine month low in February. U.S. existing home sales slightly beat estimates with a 1.5% October rise to 5.26m which marks a one year high. The median price fell 0.4% to $208,300 in October to leave a four month drop from a June cycle-high. Initial jobless claims fell 2k to 291k (median 280k) for the week-ended November 15 from 293k."

"EMU composite PMI dropped to 51.4 from 52.1 in the previous month, with the manufacturing reading falling to 50.4 from 50.6 and the services number to 51.3 from 52.3. The disappointing data points to a broad based weakness in the Eurozone economy in the fourth quarter of the year.

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