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US Jobless Claims Move Even Lower to 348K, Housing Starts Improve Slightly, Building Permits Weaker

USD/JPY Trading at session highs on the news.


Jobless Claims:  Survey:  365K    Actual: 348K   Prior: 358K    Revised:  361K   

Continuing Claims:  Survey: 3490K    Actual:  3426K    Prior: 3515K   Revised: 3526K

Producer Price Index (MoM):     Survey: 0.4%    Actual: 0.1%     Prior: -0.1%  

PPI Ex Food & Energy (MoM):    Survey: 0.2%    Actual:  0.4%       Prior: 0.3%   

Producer Price Index (YoY):     Survey:  4.1%    Actual: 4.1%      Prior: 4.8% 

December PPI Falls to -0.1%, Core PPI Rises 0.3%

Producer Price Index (MoM):     Survey: 0.1%    Actual: -0.1%     Prior: 0.3%  

PPI Ex Food & Energy (MoM):    Survey: 0.1%    Actual:  0.3%       Prior: 0.1%   

Producer Price Index (YoY):     Survey:  5.1%    Actual: 4.8%      Prior: 5.7% 

PPI Ex Food & Energy (YoY):     Survey: 2.8%    Actual: 3.0%     Prior: 2.9%

PPI Stays with Forecast, Retail Sales Slightly Fall

Producer Price Index (MoM):     Survey: 0.0%    Actual: 0.0%     Prior: 0.2%  

PPI Ex Food & Energy (MoM):    Survey: 0.2%    Actual:  0.1%       Prior: 0.4%   

Producer Price Index (YoY):     Survey:  6.5%    Actual: 6.5%      Prior: 7.2%    

PPI Ex Food & Energy (YoY):     Survey: 2.6%    Actual: 2.5%     Prior: 2.5%

Advance Retail Sales:     Survey:  0.2%     Actual:  0.0%      Prior:  0.5%   Revised:  0.3%

Core Retail Sales:    Survey:  0.2%    Actual: 0.1%    Prior: 0.5%     Revised:  0.3%

Bobbys Corner-Open Market-Aug.17.2011

Good Morning:

FX markets were disappointed at the announcement by the Swiss National Bank regarding the weakening the CHF.  The idea of a peg against the Euro was discounted for now-as the SNB made no additional comments regarding this proposal.
The CHF rose again after the SNB’s lack of commitment regarding pegging the CHF to the Euro.  For the SNB to peg the CHF to the Euro-it would cause the SNB to have a program of unlimited intervention to keep the peg  maintained.

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