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3 Mar 2015
USD need not fuss about fewer bullish data surprises - Westpac
FXStreet (Bali) - Westpac’s US data surprise index has been quite weak lately yet the USD has not taken much of a hit at all, notes Richard Franulovich, FX Strategist at Westpac.
Key Quotes
"Westpac’s US data surprise index has been quite weak lately. If anything it has been in freefall over the last couple months, hitting its lowest levels since Q1 2014."
"Our US data surprise index measures the percentage share of data points beating expectations over a rolling eight week period, net of revision to the prior release, drawing on 50 US data releases."
"Our US data pulse, which ignores consensus expectations and focuses exclusively on the momentum of actual data outturns, is just as weak, meaning both consensus expectations have been too high and a genuine cooling in the US seems to be playing out."
Key Quotes
"Westpac’s US data surprise index has been quite weak lately. If anything it has been in freefall over the last couple months, hitting its lowest levels since Q1 2014."
"Our US data surprise index measures the percentage share of data points beating expectations over a rolling eight week period, net of revision to the prior release, drawing on 50 US data releases."
"Our US data pulse, which ignores consensus expectations and focuses exclusively on the momentum of actual data outturns, is just as weak, meaning both consensus expectations have been too high and a genuine cooling in the US seems to be playing out."