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Fitch Reaffirmed AAA Credit Rating For USA

Discussion in 'Forex Daily News & Outlook' started by MTnews, Aug 16, 2011.

  1. MTnews

    MTnews Content Contributor

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    Daily Market Commentary for August 16, 2011

    United States receive a positive note this morning, Fitch Ratings reaffirmed AAA credit rating for the USA. (read more at Millennium-Traders.Com)
    http://www.millennium-traders.com/news/newscommentary.aspx

    Germany's GDP rose 0.1% in the April-June quarter from the preceding three months, per reports from the German statistics institute, citing seasonally adjusted data. The figures mark a sharp slowdown after German GDP expanded 1.3% in Q1. Poor performance by Germany, combined with zero growth registered by France in Q2 contributed to a weak showing for the 17-nation euro zone. GDP in the euro area rose 0.2% in Q2 from the preceding three months, after growing 0.8% in Q1. In Spain and Italy, growth was 0.2% and 0.3%, respectively. Among the very few euro-zone nations that displayed some economic strength in Q2 was Belgium and Austria with their GDPs growing 0.7% and 1, respectively.

    Commerce Department reported housing starts slipped 1.5% in July and fell to a seasonally adjusted annual rate of 604,000, down from a downwardly revised 613,000 rate in June. Single-family housing starts fell 4.9% last month to 425,000 from a downwardly revised 447,000. In July the demand to build new apartments was again strong, with starts for structures with five or more units up 6.3% to 170,000, equal to a surge of 66.7% from July 2010 levels. The largest region for new homes housing starts increased 5.6%, in the South. In the Midwest, housing starts fell 37.7% and fell 3% in the West while rising 34.7% in the Northeast. During July, building permits fell 3.2% to an annual rate of 597,000. On a positive note, housing starts data does show improvement from 2010 with housing starts having climbed from 9.8% from July 2010 levels, and permits have gained 3.8%.

    Industrial production in July was higher by 0.9% after a revised 0.4% rise that was better than had been estimated and posted most gains seen so far this year. Industrial output during June was revised up to a 0.4% gain from the prior estimate of a 0.2% gain and output in May was revised higher as well. Factory activity alone rose 0.6% during the month of July. During the month of July, total motor vehicle assemblies rose to 8.7 million unit annual rate from a 7.9 million rate in June. This is the highest rate seen since March, at which time Japan was hit by a devastating earthquake that upset production of key auto parts and paints. Factory production rose 0.7% in July, excluding motor vehicles and parts.

    Capacity utilization, which is a gauge of slack in the economy, rose to 77.5% in July from a reading of 76.9% during June striking the highest level of capacity utilization since August 2008. Output of consumer goods advanced 1.1% during the month of July. Due to record heat wave in many parts of the country during July, utility output surged 2.8%. Output of mines rose 1.1%.

    Import prices gained 0.3% during July, after a decline of 0.6% in June, per the Labor Department. The Federal Reserve reported industrial production rose 0.9% in July, upwardly revised data from May and June.


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    Thanks for reading
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