Fundamentals & The Week Ahead


UnemploymentFundamentals
Germany’s final print for Q2 GDP came in as expected at 2.2% quarter-on-quarter growth.

Canadian retail sales for June came in softly, showing growth of only 0.1% amid expectations for 0.4%

US existing home sales contracting by a staggering 27.2% in July, a far bigger contracting than the forecast 13.4% drop.

US durable goods orders came in much softer at 0.3% missing expectations of 3.0% by some distance.

US new home sales for July were expected to remain flat, showing no expansion, actually came in showing at 12.4% contraction.

Swiss employment in the second quarter expanded by 0.6% missing expectations for a 0.8% expansion modestly.

UK CBI reported sales for the month of August blew past expectations of 18 to come in at 35

US weekly jobless claims came in better than expected with initial claims coming in at 473K less than forecast 485K

Japan’s jobless rate fell after three months of rises to 5.2% beating expectations for an unchanged reading of 5.3%

UK gross-domestic-product second print for Q2 came in better than expected at 1.2% quarter-on-quarter rising past expectations for 1.1%

USA GDP second print for Q2 came in with a sharp downward revision to 1.6% (from 2.4%) but was better than forecasts of 1.4%.

The Week Ahead

After Fed. Chair Ben Bernanke spoke so defiantly late on Friday, and sparked a rally in stocks in the US we could see the week ahead become a much needed rally in many asset markets as investors begin to take a more positive view of the recovery. Heavily downtrodden stocks, oil and commodity currencies could certainly be enough to lure back investors wishing to earn quick profits in the next rally. However, everything cant be viewed through rose tinted lenses and it is more than possible that with GDP reports coming in for Australia, Canada and Switzerland as players look at the global recovery, not just the US recovery, not everything may be to their liking. Looking at the US though, there is plenty of tier one data to digest next week including NFP’s and ISM manufacturing.

Written by Jonathan Granby, Analyst for Binary Option Strategy

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