According to a recent Bloomberg survey of economists, it seems quite likely that Chinese government leaders will revise the economy's growth projections downward. It would be revised to 6.5% for 2016 whereas it has been established at 7% for 2015. However, President Xi Jinping mentioned in his speech in Seattle yesterday that the Chinese economy is still able to produce a growth rate that is sustained and even fast. After rather disappointing figures were released this week, it will be interesting to see how the Communist Party will position itself. A good deal of the world's economic growth depends on it.
There are some important economic indicators that will be released in the U.S. this morning. At 8:30 a.m. we will have Initial Jobless Claims, slated to increase to 272,000, as well as Durable Goods Orders (August), slated to decrease to -2.3 %. At 10:00 a.m. we will have New Home Sales, expected to increase slightly to 515,000 for August. This could therefore lead to a slightly difficult start to the day for the greenback.
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