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The FOMC held its monetary policy meeting last week where interest rates were left unchanged.

The central bank however signaled that the next rate hike would come in September.

Economic reports were also broadly supportive of the U.S. dollar.

The ISM’s manufacturing and non-manufacturing PMI readings were seen easing back after hitting record highs in the previous months.

Elsewhere, the Bank of England was seen hiking interest rates by 25 basis points.

U.S. nonfarm payrolls rise less than expected

The monthly payrolls data from the United States released by the Bureau of Labor statistics showed that while the headline payrolls failed to match estimates, the overall picture of the labor market remained one that was strong.

Data from the BLS showed that the U.S. economy added 157,000 jobs in July. This was below forecasts of the median estimates of 190,000 during the period.

Still, the revisions to the previous two months of May and June showed an upside net job gain of 58,000.

The U.S. unemployment rate fell by a percentage point to 3.9%, after rising to 4.0%. The decline in the unemployment rate came as the participation rate held steady during July.

U.S. Un employment Rate (July 2018): 3.9% (Source: Tradingeconomics)

Wage growth was seen rising at a pace of 0.3% on a month over month basis.

On a yearly basis, the average hourly earnings rose 2.7% as expected.

The job gains came across all the sectors including manufacturing, restaurants, healthcare and social assistance.

The real unemployment rate which measures those who are discouraged to look for work and part time workers fell to 7.5%, down from 7.8% in June.

As a resut, despite the headline payrolls report missing estimates, the overall picture of the U.S. labor market remained strong.

This is expected to keep the Federal Reserve members on track for a rate hike in September.

The data comes amid the U.S. economy surging strongly in the second quarter of the year.

U.S. Pending Home sales rise in June

Pending home sales in the United States reversed course, posting strong gains in the month of June.

However, despite the uptick, compared to a year ago, the pending home sales report lagged for the sixth consecutive month.

The pending home sales index for June increased 0.9% to 106.9 in June. This was higher than May’s gain of 105.9.

Despite the 0.9% increase on a month over month basis, pending home sales are down 2.5% on the year.

Lawrence Yun, the NAR’s Chief economist said that:

“after two straight months of pending sales declines, home shoppers in a majority of markets had a little more success finding a home to buy last month.”

Pending home sales gained across all the regions in the U.S. as home price growth was swift and listings increased at a steady pace across the country. Pending home inventory was seen to be lagging still, unable to meet the demands.

Bank of Japan leaves monetary policy unchanged

The Bank of Japan held its monetary policy meeting last week on Tuesday.

Contrary to speculations, the Bank of Japan’s interest rate decision was as expected.

No changes were made to the central bank’s quantitative easing program and the benchmark interest rates were left unchanged at -0.10%. Some economists expected the BoJ to tweak its program last week.

The BoJ however noted that it would be more flexible allowing the yields on the 10 year Japanese Government Bonds to fluctuate within a band of 0.2% and -0.2%.

The central bank had pushed back its expectations of achieving the inflation target.

The bank said:

“while doing so, the yields may move upward and downward to some extent mainly depending on developments in economic activity and prices.”

The BoJ noted that achieving the inflation target would take longer than expected.

The central bank also lowered its forecasts for the BoJ’s core inflation rate. The central bank now expects consumer prices to reach 1.1% by end of the fiscal year 2018.

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