USD - Major events in the week ahead

Events that marked the week:

On Tuesday Housing Starts and Building Permits data was published. Privately-owned housing units authorized by building permits in August were at a seasonally adjusted annual rate of 1,300,000. This is 5.7 percent above the revised July rate of 1,230,000 and is 8.3 percent above the August 2016 rate of 1,200,000. Single-family authorizations in August were at a rate of 800,000; this is 1.5 percent below the revised July figure of 812,000. Authorizations of units in buildings with five units or more were at a rate of 464,000 in August. Privately-owned housing starts in August were at a seasonally adjusted annual rate of 1,180,000.

Philly Fed Manufacturing Index unexpectedly rose to 23.8

Manufacturing firms reported an improvement in regional manufacturing conditions in September. The survey’s current indicators for general activity, new orders, and shipments increased this month and suggest a broadening of growth. Price pressures also picked up, according to the reporting firms. The survey’s future indicators suggest that manufacturers have generally grown more optimistic over the past three months.

Unemployment Claims down to 259,000

In the week ending September 16, the advance figure for seasonally adjusted initial claims was 259,000, a decrease of 23,000 from the previous week's revised level. The previous week's level was revised down by 2,000 from 284,000 to 282,000. The 4-week moving average was 268,750, an increase of 6,000 from the previous week's revised average. This is the highest level for this average since June 4, 2016 when it was 269,500. Hurricanes Harvey and Irma impacted this week's claims.

Fed left interest rates unchanged, one rate hike expected in 2017

Federal Reserve officials set an October start for shrinking their $4.5 trillion stockpile of assets, moving to unwind a pillar of their crisis-era support for the economy. Policy makers left the benchmark interest rate unchanged in a range of 1 percent to 1.25 percent. They continued to forecast one more interest-rate hike later this year, saying storm damage will have only a temporary impact on the economy.