This article was first published on FXCC Blog.
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
After enduring a sell off during the trading week ending March 8th, USA equity markets have rallied this week. The SPX closed at a four month high after three days of rises, reaching a level not seen since November 2018, whilst breaching the 2,800 critical handle, during Wednesday’s trading session. The durable goods data for the USA beat the forecasts, suggesting that USA businesses and consumers are prepared to invest in expensive household items and business equipment.
The durables reading came in at 0.40% for the month of January, beating the expectation of -0.40%. Inflation data, specific to business, also proved to be bullish for USA equities; PPI came in at 2.50% year on year up to February, falling from 2.60%. Construction spending beat the Reuters forecast; coming in at 1.3% month on month up to January, improving from the -0.80% figure registered in December. Mortgage applications rising by 2.30% up to March 8th, also added to the overall economic optimism, leading to the ris...
To keep reading this article, please navigate to: FXCC Blog.