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Markets Steady In Asian Session, IMF Raises US Outlook

ByActionForex
Published 12/23/2013, 01:12 AM
Updated 03/09/2019, 08:30 AM
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Markets are rather steady in Asian session in a holiday shortened week. The greenback is staying in tight range against other major currencies. Asian equities are generally higher even though some initial weakness was seen in Nikkei. Over the weekend, IMF raised its forecast for US economic growth. IMF managing director Lagarde said that they see "a lot more certainty for 2014" in US and thus, gave them a "much stronger outlook". She said the "budget deal" and "tapering by the Fed" are signs of "confidence in the real economy" and that should lead to investments and hiring. However, she also warned that the latest budget deal doesn't include an agreement of raising the debt ceiling, which is set is set to be hit in early February. And he urged the Congress to be "equally responsible and will not threaten the recovery with yet another debate about whether or not the U.S. will honor [its debts] or default." IMF will release the new forecasts in mid-January.

In Europe, ECB executive board member Praet said in an interview that Italian government must "maintain its commitment" and keep its public accounts in check. Also, he urged Italy to keep on its path to lower debts. Meanwhile, he commented that Italian labor costs were too high, not due to wages but slow growth in productivity". Praet also reiterated that "the euro is irreversible" and the central bank is ready to act if credit flows tighten. He's optimistic that investments spending will start to pick up in 2014.

On the data front, Swiss UBS consumption indicator is the only feature in European session. US will release personal income and spending which are expected to grow 0.5% and 0.4% respectively in November. PCE deflator and PCE core will also be released together as usual.

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