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US Data Momentum Up From Recent Lows ​​

USD

US data momentum is showing some signs of stabilizing, with better than expected durable goods and home sales printing on Monday, although some offset came from the weaker than expected Dallas Fed manufacturing survey.

  • The US Citi EASI has risen in the early part of this week, see the chart below. The latest reading is -67%, versus a low of -79% late last week. We are still well off the positive levels recorded back in mid May, but the gap with the EU EASI has closed somewhat.
  • The Atlanta Fed nowcaster for GDP growth is also back in positive territory. The latest print is just under +0.26%, which is pointing to very modest growth, but compares with a mid-June low of -0.002%.

Fig 1: Citi US EASI Up Off Recent Lows

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US data momentum is showing some signs of stabilizing, with better than expected durable goods and home sales printing on Monday, although some offset came from the weaker than expected Dallas Fed manufacturing survey.

  • The US Citi EASI has risen in the early part of this week, see the chart below. The latest reading is -67%, versus a low of -79% late last week. We are still well off the positive levels recorded back in mid May, but the gap with the EU EASI has closed somewhat.
  • The Atlanta Fed nowcaster for GDP growth is also back in positive territory. The latest print is just under +0.26%, which is pointing to very modest growth, but compares with a mid-June low of -0.002%.

Fig 1: Citi US EASI Up Off Recent Lows

Keep reading...Show less