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21.02.2019
03:24 PM


U.S. Leading Economic Index Unexpectedly Dips 0.1% In January

With weakness in labor market components offsetting strengths in the financial components, the Conference Board released a report on Thursday unexpectedly showing a modest drop by its reading on leading U.S. economic indicators in the month of January.

The Conference Board said its leading economic indicators edged down by 0.1 percent after coming in unchanged in December. Economists had expected the index to inch up by 0.1 percent.

"Based on preliminary data, the US LEI declined very slightly in January and December's decline was revised up to no change," said Ataman Ozyildirim, Director of Economic Research at The Conference Board. "The US LEI has now been flat essentially since October 2018."

He added, "The Conference Board forecasts that US GDP growth will likely decelerate to about 2 percent by the end of 2019."

The report said the coincident economic index crept up by 0.1 percent in January after rising by 0.2 percent in December, while the lagging economic index climbed by 0.5 percent after a 0.3 percent increase in the previous month.


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21.02.2019
03:20 PM


U.S. Existing Home Sales Unexpectedly Tumble To Three-Year Low In January

Existing home sales in the U.S. unexpectedly showed a steep drop in the month of January, according to a report released by the National Association of Realtors on Thursday.

NAR said existing home sales tumbled by 1.2 percent to an annual rate of 4.94 million in January after plunging by 4.0 percent to a revised rate of 5.00 million in December.

The continued decrease surprised economists, who had expected existing home sales to climb by 1.0 percent to a rate of 5.04 million from the 4.99 million originally reported for the previous week.

With the third consecutive monthly decrease, existing home sales slumped to their lowest annual rate since November of 2015. Existing home sales were also down 8.5 percent from a year ago.

"Existing home sales in January were weak compared to historical norms; however, they are likely to have reached a cyclical low," said NAR chief economist Lawrence Yun.

He added, "Moderating home prices combined with gains in household income will boost housing affordability, bringing more buyers to the market in the coming months."

The median existing home price for all housing types was $247,500 in January, down 2.8 percent from $254,7000 in December but up 2.8 percent from $240,800 a year ago.

While noting the year-over-year median home price growth is the slowest since February 2012, Yun cautioned that the figures do not yet tell the full story for the month of January.

"Lower mortgage rates from December 2018 had little impact on January sales, however, the lower rates will inevitably lead to more home sales," Yun said.

Total housing inventory increased to 1.59 million existing homes available sale at the end of January, representing 3.9 months of supply at the current sales pace.

The report single family home sales tumbled by 1.8 percent to a rate of 4.37 million in January, while existing condominium and co-op sales surged up by 3.6 percent to a rate of 570,000.


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21.02.2019
03:03 PM


*U.S. Leading Economic Index Dips 0.1% In January

U.S. Leading Economic Index Dips 0.1% In January


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21.02.2019
03:00 PM


*U.S. Existing Home Sales Tumble 1.2% In January

U.S. Existing Home Sales Tumble 1.2% In January


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21.02.2019
02:49 PM


ECB Preparing New Long Term Loans For Banks: Minutes

European Central Bank policymakers acknowledged that the uncertainty surrounding the euro area growth and inflation outlook has risen recently, thus raising the need for significant stimulus, possibly in the form of a new batch of longer term loans for banks to boost lending to the real economy, minutes of the January 23-24 policy session showed on Thursday.

"There was wide agreement that the continued convergence of inflation to the Governing Council's aim in the period ahead still required an ample degree of monetary accommodation," the ECB said in the minutes, which it calls "account of the monetary policy meeting". In January, the bank left its key interest rates and forward guidance unchanged. In December, the bank ended its four-year long massive asset purchase scheme of EUR 2.6 trillion.

Policymakers agreed that the risks to the euro area outlook had moved to the downside on account of the persistence of uncertainties related to geopolitical factors and the threat of protectionism, vulnerabilities in emerging markets and financial market volatility.

Recent data and survey outcomes have continued to be weaker than expected, but policymakers saw the need for more information for a thorough assessment of the implications of weaker growth for the medium term inflation outlook. "Looking ahead, a key question was seen to be the extent to which the weaker growth momentum might turn out to be more persistent than currently envisaged," the minutes said. "More information, including the March projections, was needed to deepen the analysis and obtain greater clarity before conclusions could be drawn about the medium-term inflation outlook."

While considering the available policy options, the Governing Council discussed the re-launch of cheaper longer-term loans under the earlier scheme called Targeted Long-Term Refinancing Operations, or TLTRO.

"While any decisions in this respect should not be taken too hastily, the technical analyses required to prepare policy options for future liquidity operations needed to proceed swiftly," the minutes said.

Under the ECB's earlier tool named the targeted longer-term refinancing operations, or TLTRO, the ECB gives longer-term loans to financial institutions at attractive rates to boost lending in the real economy.

Previously, the ECB launched two rounds of TLTROs - the first in June 2014 and the second one in March 2016. The maturity period for those loans was four years.

The next ECB Governing Council policy session is on March 7. The latest set of ECB Staff macroeconomic projections would be unveiled in that session.


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21.02.2019
02:47 PM


Dollar Weakens After Dismal Economic Data

The U.S. dollar slipped against its key counterparts in the European session on Thursday, following the release of weak data on durable goods orders, Philadelphia manufacturing activity and weekly jobless claims that raised uncertainty about the economic outlook.

Data from the Commerce Department showed a smaller than expected increase in durable goods orders in January.

The report said durable goods orders surged up by 1.2 percent in December after jumping by an upwardly revised 1.0 percent in November.

Economists had expected durable goods orders to soar by 1.5 percent compared to the 0.7 percent increase that had been reported for the previous month.

The Labor Department report showed that first-time claims for unemployment benefits fell more than expected in the week ended February 16th.

The report said initial jobless claims dropped to 216,000, a decrease of 23,000 from the previous week's unrevised level of 239,000. Economists had expected jobless claims to dip to 229,000.

Data from the Philadelphia Federal Reserve unexpectedly showed a contraction in regional manufacturing activity in the month of February.

The Philly Fed said its index for current manufacturing activity in the region tumbled to a negative 4.1 in February from a positive 17.0 in January, with a negative reading indicating contraction. The index had been expected to slip to 14.0.

The currency was higher in the Asian session as the Fed's January meeting minutes showed division among the central bankers with regards to future rates policy.

There was consensus for completing the normalization of the size of the Federal Reserve's balance sheet despite rising global risks and concerns about trade tensions.

The greenback fell to 1.3094 against the pound, from a high of 1.3026 hit at 2:00 am ET. The greenback is likely to challenge support around the 1.32 level.

Reversing from an early 2-day high of 1.1321 against the euro, the greenback edged down to 1.1366. Next key support for the greenback is seen the 1.16 mark.

Data from Destatis showed that Germany's consumer price inflation slowed in January to its lowest level in nearly a year.

The consumer price index advanced 1.4 percent year-on-year in January, slower than the revised 1.6 percent increase in December.

After rising to a 2-day high of 1.0023 against the Swiss franc at 5:05 am ET, the greenback reversed direction with the pair trading at 1.0000. The greenback is poised to challenge support around the 0.99 level.

The greenback dropped to 110.56 against the yen, following an advance to 110.86 at 5:15 pm ET. The greenback is seen finding support around the 108.00 level.

The latest survey from Nikkei showed that Japan manufacturing sector slipped into contraction in February, with a 32-month low manufacturing PMI score of 48.5.

That's down from 50.3 in January, and it sinks beneath the boom-or-bust line of 50 that separates expansion from contraction.

The greenback was trading lower at 1.3169 against the loonie, down from a high of 1.3206 touched at 1:15 am ET. On the downside, 1.30 is possibly seen as the next support level for the greenback.

The greenback held steady against the kiwi, following a weekly high of 0.6805 set at 1:00 am ET. At yesterday's close, the pair was worth 0.6857.

The greenback climbed to a 6-day high of 0.7086 against the aussie, from an early more than 2-week low of 0.7207, and held steady thereafter. The pair finished yesterday's trading at 0.7164.

Data from the Australian Bureau of Statistics showed that Australia's unemployment rate came in at a seasonally adjusted 5.0 percent in January - unchanged and in line with expectations.

The Australian economy added 31,900 jobs last month - blowing away forecasts for an increase of 15,000 jobs following the gain of 16,900 jobs in December.

The U.S. existing home sales and leading indicator for January are scheduled for release at 10:00 am ET.

At 12:35 pm ET, the Bank of Canada Governor Stephen Poloz will deliver speech about monetary policy at the Chamber of Commerce of Metropolitan Montreal.


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21.02.2019
02:34 PM


Philly Fed Index Turns Negative For First Time Since 2016

Philadelphia-area manufacturing activity contracted for the first time since May of 2016, the Federal Reserve Bank of Philadelphia revealed in a report released on Thursday.

The Philly Fed said its index for current manufacturing activity in the region tumbled to a negative 4.1 in February from a positive 17.0 in January, with a negative reading indicating contraction. The index had been expected to slip to 14.0.

The much steeper than expected drop by the headline index came amid contractions in both new orders and shipments.

The new orders index plunged to a negative 2.4 in February from a positive 21.3 in January, while the shipments index slumped to a negative 5.3 from a positive 11.4.

On the other hand, the report said the number of employees index jumped to 14.5 in February from 9.6 in February, indicating a faster rate of job growth.

The prices received index also rose to 27.7 in February from 24.8 in January, although the prices paid index slid to 21.8 from 32.7.

Looking ahead, the Philly Fed said the survey's future indexes indicate respondents continue to expect growth over the next six months, with the index for future general activity inching up to 31.3 in February from 31.2 in January.

A separate report released by the New York Fed last Friday showed a notable rebound in the pace of growth in regional manufacturing activity in the month of February.

The New York Fed said its general business conditions index climbed to 8.8 in February from 3.9 in January, with a positive reading indicating growth in regional manufacturing activity. Economists had expected the index to rise to 7.0.

The bigger than expected increase by the index came after it tumbled to its lowest level in well over a year in the previous month.


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21.02.2019
02:25 PM


U.S. Durable Goods Orders Jump 1.2% In December But Miss Estimates

Reflecting a continued spike in orders for transportation equipment, the Commerce Department released a report on Thursday showing a significant increase in U.S. durable goods orders in the month of December.

The report said durable goods orders surged up by 1.2 percent in December after jumping by an upwardly revised 1.0 percent in November.

Economists had expected durable goods orders to soar by 1.5 percent compared to the 0.7 percent increase that had been reported for the previous month.

The notable increase in durable goods orders came as orders for transportation equipment jumped by 3.3 percent in December after spiking by 3.4 percent in November. Orders for transportation equipment further offset the 12.4 percent nosedive in October.

Orders for non-defense aircraft and parts led the way higher, soaring by 28.4 percent in December after surging up by 4.5 percent in the previous month.

Excluding the jump in orders for transportation equipment, durable goods orders inched up by 0.1 percent in December after slipping by 0.2 percent in November. Ex-transportation orders had been expected to rise by 0.3 percent.

The Commerce Department also said orders for non-defense capital goods excluding aircraft, a closely watched indicator of business spending, fell by 0.7 percent in December after tumbling by 1.0 percent in November.

Andrew Hunter, Senior U.S. Economist at Capital Economics said, "The December durables goods data suggest that equipment investment growth slowed further in the fourth quarter, and we expect it to remain weak for most of this year."

"Overall, the durable goods data provide further reason to think that economic growth will soon slow to below its 2% potential pace, which will keep the Fed on hold throughout this year," he added.

The report also showed shipments of durable goods climbed by 0.8 percent in December after jumping by 1.0 percent in November.


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21.02.2019
02:14 PM


*RBI Minutes: Need To Strengthen Private Investment, Buttress Private Consumption

RBI Minutes: Need To Strengthen Private Investment, Buttress Private Consumption


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21.02.2019
02:13 PM


U.S. Weekly Jobless Claims Drop More Than Expected To 216,000

First-time claims for U.S. unemployment benefits fell more than expected in the week ended February 16th, according to a report released by the Labor Department on Thursday.

The report said initial jobless claims dropped to 216,000, a decrease of 23,000 from the previous week's unrevised level of 239,000. Economists had expected jobless claims to dip to 229,000.

Despite the bigger than expected decrease, the Labor Department said the less volatile four-week moving average climbed to 235,750 from the previous week's unrevised average of 231,750.

With the increase, the four-week moving average reached its highest level since hitting 237,500 in January of 2018.

Meanwhile, the report said continuing claims, a reading on the number of people receiving ongoing unemployment assistance, fell by 55,000 to 1.725 million in the week ended February 9th.

The four-week moving average of continuing claims still rose to 1,754,750, an increase of 2,750 from the previous week's revised average of 1,752,000.


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21.02.2019
02:09 PM


*China CB Not Yet Ready To Cut Key Interest Rates, Could Use Other Tools: Reuters

China CB Not Yet Ready To Cut Key Interest Rates, Could Use Other Tools: Reuters


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21.02.2019
01:58 PM


Poland Retail Sales Grow

Poland's retail sales grew robustly in January, figures from Statistics Poland showed on Thursday.

Retail sales in constant prices climbed 5.2 percent year-on-year in January, compared to a 7.7 percent rise in January 2018.

Sales of solid, liquid and gaseous fuels showed the biggest growth of 6.0 percent, followed by 5.2 percent rise in sales of food, beverages and tobacco products.

The sales of motor vehicles, motorcycles, parts dropped by 0.9 percent against an increase of 18.1 percent in the previous year.

On a month-on-month basis, retail sales dropped 18.9 percent in January.

At current prices, retail sales grew 6.6 percent year-on-year and decreased 19.10 percent from the previous month.

Sales were forecast to advance 6.4 percent annually and fall 19.30 percent from the previous month.


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21.02.2019
01:48 PM


France Inflation Lowest In 11 Months

France's consumer price inflation eased for a third consecutive month to its lowest level in eleven months in January, latest figures from the statistical office INSEE confirmed on Thursday.

The consumer price index rose 1.2 percent year-on-year following a 1.6 percent increase in December. That was in line with the flash estimate released on January 31.

The latest inflation rate was the lowest since March 2018. In the same month last year, inflation was 1.2 percent.

The fall in inflation was driven by a deceleration in the prices of energy, INSEE said. In contrast, services, food and tobacco prices accelerated. The core inflation was 0.7 percent in January, same as November and December.

On a month-on-month basis, the consumer prices fell 0.4 percent in January after remaining stable in the prior month. The flash estimate was a 0.5 percent decline.

The harmonized index of consumer prices, or HICP, which is meant for EU comparison, rose 1.4 percent year-on-year after a 1.9 percent climb in December. That matched the consensus estimate.

The HICP inflation was also at an 11-month low.

Compared to the previous month, the HICP fell 0.6 percent in January following a 0.1 percent rise in December. The decline was in line with economists' expectations.

Flash estimates for both the annual and monthly changes in the HICP were thus confirmed.


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21.02.2019
01:46 PM


Philly Fed Index Unexpectedly Turns Negative In February

Philadelphia-area manufacturing activity contracted for the first time since May of 2016, the Federal Reserve Bank of Philadelphia revealed in a report released on Thursday.

The Philly Fed said its index for current manufacturing activity in the region tumbled to a negative 4.1 in February from a positive 17.0 in January, with a negative reading indicating contraction. The index had been expected to slip to 14.0.


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21.02.2019
01:45 PM


*U.S. Dollar Drops To 1.1366 Against Euro

U.S. Dollar Drops To 1.1366 Against Euro


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21.02.2019
01:44 PM


*U.S. Dollar Edges Down To 110.56 Against Yen

U.S. Dollar Edges Down To 110.56 Against Yen


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21.02.2019
01:42 PM


U.S. Durable Goods Orders Jump Less Than Expected In December

Reflecting a continued spike in orders for transportation equipment, the Commerce Department released a report on Thursday showing a significant increase in U.S. durable goods orders in the month of December.

The report said durable goods orders surged up by 1.2 percent in December after jumping by an upwardly revised 1.0 percent in November.

Economists had expected durable goods orders to soar by 1.5 percent compared to the 0.7 percent increase that had been reported for the previous month.

Excluding the jump in orders for transportation equipment, durable goods orders inched up by 0.1 percent in December after slipping by 0.2 percent in November. Ex-transportation orders had been expected to rise by 0.3 percent.


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21.02.2019
01:40 PM


Loonie Retreats Following Canada Wholesale Sales

After the release of Canada wholesale sales for December at 8:30 am ET Thursday, the loonie retreated from its early highs against its major opponents.

The loonie was trading at 1.3177 against the greenback, 83.95 against the yen, 0.9368 against the aussie and 1.4970 against the euro around 8:34 am ET.


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21.02.2019
01:40 PM


Dollar Slides After U.S. Durable Goods Orders, Weekly Jobless Claims

The U.S. durable goods orders for December and weekly jobless claims for the week ended February 16 have been released at 8:30 am ET Thursday. After these data, the greenback fell against its major opponents.

The greenback was trading at 1.1363 against the euro, 110.60 against the yen, 1.3084 against the pound and 1.0005 against the franc around 8:31 am ET.


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21.02.2019
01:36 PM


U.S. Weekly Jobless Claims Drop More Than Expected

First-time claims for U.S. unemployment benefits fell more than expected in the week ended February 16th, according to a report released by the Labor Department on Thursday.

The Labor Department said initial jobless claims dropped to 216,000, a decrease of 23,000 from the previous week's unrevised level of 239,000. Economists had expected jobless claims to dip to 229,000.


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21.02.2019
01:32 PM


*Philly Fed Index Slumps To -4.1 In February

Philly Fed Index Slumps To -4.1 In February


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21.02.2019
01:31 PM


*Canadian Wholesale Sales Rose 0.3% In December

Canadian Wholesale Sales Rose 0.3% In December


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21.02.2019
01:31 PM


*U.S. Durable Goods Orders Jump 1.2% In December, Ex-Trans. Orders Inch Up 0.1%

U.S. Durable Goods Orders Jump 1.2% In December, Ex-Trans. Orders Inch Up 0.1%


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21.02.2019
01:30 PM


*U.S. Initial Jobless Claims Drop To 216,000 In Week Ended 2/16

U.S. Initial Jobless Claims Drop To 216,000 In Week Ended 2/16


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21.02.2019
01:27 PM


Dollar Retreats Ahead Of U.S. Durable Goods Orders, Weekly Jobless Claims

The U.S. durable goods orders for December and weekly jobless claims for the week ended February 16 are scheduled at 8:30 am ET Thursday. Ahead of these data, the greenback retreated from its early highs against its major opponents.

The greenback was worth 1.1352 against the euro, 110.70 against the yen, 1.3079 against the pound and 1.0009 against the franc at 8:25 am ET.


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