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Terrible news but short of market expectations

2020-04-16 22:38    HotForex

Terrible news but short of market expectations Global Markets

Though the headline figures are weaker than expected, we were braced for much more terrible news after the horrendous retail sales and Empire State numbers yesterday. Indeed, the future 6-month outlook on the Philly Fed index, as with the Empire State, reflects expectations for a bounce. Additionally, jobless claims are starting to fall, suggesting some of the fiscal supports are working. It may be that were more inured to the news, or there’s a more optimistic tone emerging with increased talk of exiting quarantine.

US equities are firmer, finding some cautious support following a round of economic data. The Dollar was little changed.

  • U.S. initial claims fell -1,370k to 5,245k in the April 11 week

  • U.S. Philly Fed index crashed -43.9 points to -56.6 in April, worst since 1980

  • U.S. housing starts plummeted -22.3% to 1.216 mln in March

Click here to access the HotForex Economic Calendar

Andria Pichidi

Market Analyst

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