Forex News | Currency News by Forexlive

• December revised lower, to 4.38 mln rate from 4.61 mln at an annual rate
• Inventory at lowest level since April 2006 but many foreclosures still in the pipeline

Why should you care? I’m not sure you should, but it does correlate reasonably well with Ifo, which is due tomorrow.

Nov Ind orders revised to -1.1% from -1.3%, y/y revised to -2.5% from -2.7%

A much stronger set of numbers including the revisions and it’s giving EUR/USD a small boost back up to 1.3235

A bit worse than expected and hardly surprising following the weaker  German release earlier

EUR/USD’s slipping again on this to 1.3225

Feb Flash services PMI 49.4  from 50.4 in Jan – expected 50.6

Feb Flash New orders PMI Index 47.1 from 46.5 in Jan

Mfg PMI 49.0 from 48.8 in Jan (ex 49.5)

Down from final 51.0 in December and weaker than Reuter’s median forecast of 51.5.

Flash services PMI 52.6, down from final 53.7 in January and weaker than Reuter’s median forecast of  53.9.

Up from final 48.5 in January and stronger than Reuter’s median forecast of 49.0.

Highest read in 7 months.

On the flip side flash services PMI 50.3, down from final 52.3 in January and weaker than median forecast of 52.5.

Corporate results don’t usually give much insight into the US economy but WalMart is omnipresent and focused entirely on retail. They also have outstanding real-time access to US spending habits.

International sales were strong but US same-store revenues were up a measly 1.5% y/y. CEO Mike Duke:

“Many families are settling into a new normal. Core customers remain cautious  about their finances, and they rely on Walmart’s [low price] promise to help them  manage through today’s economic challenges.”

Officials from WalMart said they are confident that US sales growth will improve but they forecast Q1 earnings below estimates.

• No consensus estimate
• Prior revised to 0.54 from 0.17
• This is a low-level indicator and isn’t moving the market

• Prior reading revised to +0.4% from +0.3%
• Ex-autos 0.0% vs +0.1% exp
• Prior ex-autos revised to +0.4% from +0.3%
• Wholesale trade +0.9% vs +0.6% exp

Overall, close to expectations and USD/CAD has hardly moved from 0.9960.

The Treasury revised the Dec 2011 state sector budget surplus to 6.9B euros from the previous 8.0B euro estimate.

… and so it goes with austerity.

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