The overall reading is obviously very strong, but I think the market might be hampered a bit by the prices paid index being a bit lower here. That might be keeping a lid on the dollar.
The number was better than expectations and more current than the gross domestic product number.
Although the numbers are not all that bad, it is signaling the Fed is definitely closer to the end of that line (of rate hikes) and that has just put a real dark cloud on the buck right now.
Most of the market is anticipating a couple more Fed rate hikes and I guess the risks are if we can read anything into (the minutes) that would indicate otherwise.
The dollar has shown not a great deal of reaction largely because the retail sales headline data looked pretty bad but the revisions to the prior data pretty much offset that.
We are on pins and needles here with some dangerous levels in the euro. This area was thought to be resistance and we are poking our head above it.
Housing starts dovetail with the stronger outlook on the economy.
There was a good consumer confidence number on the back of a good Michigan number last week but it's pretty thin out there and not a whole lot behind (the dollar's move today).
There was some rolling back after the Fed move, and then Rita came on top of that, and we started to see everyone head for the exits.
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