Today we will get US 3Q GDP read. On the balance softer retail inventories were offset by stronger wholesalers’ inventories which suggest that GDP should track near 2.8% q/q significantly above the market read of 2.6% q/q. Pending home sales were flat in September after declining to 2.8% in August due to weaker activity in areas hit by Hurricanes Harvey and Irma. Overall solid reads will reinforce the December 25bp hike and increase the likelihood that the Philip curve will kick-in. Faster growth accelerations, tighten labor markets (next week payrolls are likely to risen sharply after September weather disruptions) will rise inflation outlook closer to 2.0%. A read of this level will clearly catch the doubters flatfooted as after nearly 10 years Fed projections and hard date will have finally converged.
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