(February 24, 2017) The U.S. Initial Jobless Claims rose to 244K versus the forecasted rate at 242K. The FOMC member Kaplan commented that the U.S economy is growing at a rate of 2% this year and the central bank should formulate further policies accordingly. Treasury Secretary Mnuchin feels that Trump’s economic policies do not seem to be very effective and there should be a Chinese currency manipulation in the near future.
The Reserve Bank of Australia’s Lowe commented that the market pricing rates are steady in 2017 and there should be some tightening in the market policies in the future. In addition, Lowe stated that he doesn’t expect the inflation rates to decline anymore. The Canadian Consumer Price Index and Bank of Canada’s Consumer Price Index Core clearly indicate a better data which promises further growth for the economy.
The U.S New Home Sales Change is expected at 6.3% versus the previous rate at 10.4% and the Michigan Consumer Sentiment Index proves to be good at 96 when compared with the previous month. Our main focus shifts to the U.S New Home Sales which are forecasted at 0.57M versus the previous month rate at 0.536M. We end the week with the U.S Baker Hughes Oil Rig Count.