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US riding high – ING

FXStreet (Barcelona) - According to the Analysts at ING, rising equities and employment at the same time as gasoline prices and mortgage rates plunge point to more good news for consumer sentiment and spending in the US.

Key Quotes

“We look for another increase in today’s November report as ongoing employment gains and rising equity markets support sentiment while plunging gasoline prices and falling mortgage rates help improve household spending power.”

“The key component to watch is the consumer expectations series, which has historically been a decent lead indicator for consumer spending. We look for that to rise further today, which should point to an acceleration in consumer spending – the index is already pointing to growth rising from 2.1% to around 3.5%YoY.”

“Given we are now entering the key shopping season this should be very positive for the retail sector and offer support to the view that 4Q GDP growth will be strong.”

“If so, Federal Reserve policy tightening expectations may creep further forward and the dollar strength story will gain added momentum.”

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