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Good News from U.S. Economy

July 5, 2007 (Last updated on November 30, 2009) by

With an impressively high ISM Services index today’s macroeconomic data from United States was a very optimistic news for USD bulls. June ISM non-manufacturing index came out at 60.7% — 1% higher than May number, and a lot better than expected, since the negative change in ISM index was expected. Crude oil inventories for the previous week came out at a very good level too. They rose 3.1 million barrels — which will probably mean that there will be no problems for the U.S. holidays period. Initial jobless claims were a bit worse than expected (318,000 against 315,000) — but it’s not a big deal really, especially if overall unemployment data which will come tomorrow will be OK.
As for the Eurozone — European Central Bank decided to leave the interest rates at 4% — no surprise here. But they also didn’t mention any dangers of inflation, like they did before, so it might be a first sign for the end of ECB rate hike.
Bank of England increased the interest rates to 5.75% as expected. The main concern for them is still an inflationary pressure, but the biggest locomotive of the consumer prices in United Kingdom — real estate market is showing a slowdown.

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