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North Korea Fires Another Missile | U.S. Consumer Spending Signals Declining Economy

Published September 15, 2017
  • North Korea fired a missile that flew over Japan’s northern prefecture of Hokkaido that landed in the Pacific Ocean today.  The missile flew at an altitude of nearly 770km for about 19 minutes and travelled roughly 3,700km – far enough to reach the U.S. Pacific territory of Guam. The greenback fell sharply against the safe-haven yen and Swiss franc in early trading in Asia in response to the launch, although losses were quickly pared in very jittery trade. The United Nations Security Council is scheduled to meet at 3pm EST today at the request of the U.S. and Japan. Markets have remained calm despite this news
  • The British Pound busted through the 1.36 psychological level against the USD today for the first time since June 2016, as former dovish members of the Bank of England turned hawkish on a dime. Investors were convinced that the first rate hike by the BOE since before the financial crisis may arrive in November. Cable rose by 1.4% against the loonie
  • Consumer spending in the U.S. accounts for as much as 70% of their economic growth. Core retail sales (excluding automobile sales) were forecast to gain 0.5% but missed expectations as they came in at 0.2% this morning, which could be a signal that the economy may not be as robust as market participants believe
  • Industrial production data for August which measures the change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities came in 1% less than forecast this morning at -0.9%. Eyes will also be on the preliminary Michigan consumer sentiment for September at 10am EST
  • U.S. Commerce Secretary Wilbur Ross said on Thursday that the United States was seeking to add a 5-year sunset provision to NAFTA to provide a regular, “systematic re-examination” of the trade pact. Canadian and Mexican ambassadors to Washington pushed back at the idea, saying that such a provision to the trade pact would add uncertainty to a NAFTA agreement and affect long-term planning by businesses. Negotiators from the three NAFTA countries are set to reconvene for a third round of discussions in Ottawa on the week of September 23rd