The big release of the day from the US was the final reading of the GDP growth rate for the second quarter of 2018. It was expected to be the same as the previous reading of 4.2% and it proved just so. The dollar continued to push higher against sterling and the euro for various reasons. Durable goods orders smashed forecast by climbing to 4.5% in August from -1.7% the previous month, when 2% had been expected.
Initial jobless claims up to 22 September 2018 came in at 214,000 which was higher than the 210,000 economists had expected, but some of that can be attributed to Hurricane Florence. The previous reading was the lowest since 1969 so it is nothing to worry about and it is reasonable to expect another dip in the next couple of weeks when the dust from Florence has settled.
After a busy couple of days in the US, today is a little quieter, although we will still see the personal income and spending figures for August, as well as the final reading of the University of Michigan’s consumer sentiment. It is expected to jump to 100.8 from 96.2 the previous month.
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