The last US figures for August are out, and they contribute to happy end.
Nevertheless, the US dollar is only marginally stronger. This could be related to end of month flows and the long Labor Day weekend in the US.
The Chicago PMI jumped unexpectedly from 52.6 to 634.3 points. It is not uncommon to see volatility in this indicator, yet nobody expected a leap of nearly 12 points. This indicator has a growing influence, and sometimes serves as an indicator towards the ISM manufacturing PMI.
The revised University of Michigan consumer confidence is revised higher and more than expected: 82.5 instead of 80 expected and 79.2 originally reported. This is in line with the upbeat CB consumer confidence.
Earlier, US data was not that impressive: a drop in personal spending and no advance in the Core PCE Price Index.
The bigger picture is of a growing economy, and as we’ve learned yesterday, the growth in Q2 was stronger than expected.
