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Prospects Daily: U.S. Service sector expands in Septmeber

Global Macroeconomics Team's picture

Important developments today:

1.  German government bond climbs amid demand for safe-haven assets

2.  U.S. service sector expands in September

3.  The euro zone’s services PMI fell from 55.9 in August to 54.1 in September

 

Currency Politics

Jamus Lim's picture

Talking currencies is back in vogue again. The ebbs and flows of the news cycles surrounding the renminbi, yen, real, and dollar almost resemble the wild swings of the currencies themselves. Why the sudden revival of interest in the mass media about so esoteric a topic as exchange rates? After all, in the rarified world of economic theory, countries would allow their national monies to be freely determined by markets for foreign exchange; in return, the market-established rate would magically eliminate imbalances in national trading accounts.

Purchasing Manager Surveys show manufacturing cooling on both sides of the Atlantic

Global Macroeconomics Team's picture


In U.S. economic news today: personal consumption expenditures (PCE) in August beat market expectations, by rising a fairly sharp 0.4% (m/m) for a second month in succession. The gains were rooted in a favorable 0.5% monthly rise in personal incomes (the biggest advance of 2010), while the household saving rate moved up by a tenth of a point to 5.8%. This development adds more support to the view that U.S. domestic demand should continue on a modest (and likely decelerating) growth course over the remainder of 2010.

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