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15 May 2015
Key events ahead: US consumer sentiment to rebound in May – Danske
FXStreet (Barcelona) - Analyst at Danske Bank, Kristoffer Lomholt, previews the key data releases ahead in the day in the US and UK, expecting US consumer sentiment to rebound to an above consensus expectation number.
Key Quotes
“In the UK we will get more information about economic development in Q1 as March figures for construction output are released. We do not believe that the numbers will lead to a revision of the first estimate of GDP growth in Q1 (0.3% q/q).”
“The US manufacturing sector is struggling with a stronger USD and weak global demand, which has weighed on production recently. We expect somewhat better growth in April and look for manufacturing production growth of 0.3% m/m.”
“A stronger pace of private consumption is key to our outlook for US growth this year. We expect consumers to spend some of their savings from Q1 in coming months as the improvement in the labour market continues and consumer sentiment remains high. We expect an increase in the May preliminary University of Michigan consumer sentiment to 97.0, which is only topped by the January release in the current cycle."
Key Quotes
“In the UK we will get more information about economic development in Q1 as March figures for construction output are released. We do not believe that the numbers will lead to a revision of the first estimate of GDP growth in Q1 (0.3% q/q).”
“The US manufacturing sector is struggling with a stronger USD and weak global demand, which has weighed on production recently. We expect somewhat better growth in April and look for manufacturing production growth of 0.3% m/m.”
“A stronger pace of private consumption is key to our outlook for US growth this year. We expect consumers to spend some of their savings from Q1 in coming months as the improvement in the labour market continues and consumer sentiment remains high. We expect an increase in the May preliminary University of Michigan consumer sentiment to 97.0, which is only topped by the January release in the current cycle."