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15 May 2015
Disappointment in US industrial production might confirm the soft US growth story – TDS
FXStreet (Barcelona) - FX Strategists at TD Securities, note that any disappointment in today’s US data releases - May Empire survey and Industrial Production, might confirm the faltering the US growth story.
Key Quotes
“It is a heavy data day in North America but and we will be closely watching the May Empire survey (8:30ET) and the April industrial production (9:15ET) figures. The former disappointed by a wide margin in April so it will be closely watched if a rebound fails to materialize as much of the market expects it will.”
“Similarly, the industrial production figures are expected to be soft and disappointment here may rattle the market perhaps to a similar degree as retail sales did earlier this week as it will probably be viewed as further confirmation that the US growth story is faltering (Atlanta Fed’s GDPNow slipped to 0.7% from 0.8% after the retail data).”
“We maintain however that prospects for a Fed hike in September cannot be completely discerned from the data this week and we ultimately look for clarity by the June FOMC meeting.”
Key Quotes
“It is a heavy data day in North America but and we will be closely watching the May Empire survey (8:30ET) and the April industrial production (9:15ET) figures. The former disappointed by a wide margin in April so it will be closely watched if a rebound fails to materialize as much of the market expects it will.”
“Similarly, the industrial production figures are expected to be soft and disappointment here may rattle the market perhaps to a similar degree as retail sales did earlier this week as it will probably be viewed as further confirmation that the US growth story is faltering (Atlanta Fed’s GDPNow slipped to 0.7% from 0.8% after the retail data).”
“We maintain however that prospects for a Fed hike in September cannot be completely discerned from the data this week and we ultimately look for clarity by the June FOMC meeting.”