Back

Fed's Beige Book: US continues to grow at a modest to moderate pace

FXstreet.com (Córdoba) - The US economy has continued to grow at a "modest to moderate" pace from early April to late May, with Dallas as the only of the 12 Fed districts reporting "strong" economic growth.

The Beige Book said manufacturing "expanded in most districts", despite some data releases in the last few days have pointed to weakness in this sector.

Sequestration was only mentioned in cutbacks in defense spending in the Boston and Richmond districts. Atlanta reported that budget cuts had not hurt the hospitality industry.

In terms of employment, the Fed said hiring had increased at a "measured pace" in several Districts while some industries reported difficulties finding qualified workers.

Regarding prices, most Districts reported level prices to mild price increases, while wage pressures "remained contained" overall.

The Beige Book survey, released two weeks before each policy meeting, is based on information gathered by officials at the Fed's 12 regional banks. Today's report was prepared based on information collected on or before May 24, 2013 by the Minneapolis Fed, and will be used for discussions at the next policy meeting on June 18-19.

USD/JPY bounces at 99.00 after Beige Book

After falling around 70 pips in the American session from 99.70, the USD/JPY seems to have found support at 99.00, where the pair has bounced to trade back at 99.25 just following the US Beige Book release.
Baca lagi Previous

US Dollar Index keeps the red after Beige Book

The greenback, gauged by the US Dollar index, remains submerged into the red territory on Wednesday, after the Fed’s Beige Book passed ignored by market participants...
Baca lagi Next