Tuesday, 1 October 2013

US government nears shutdown amid positive economic data

The US dollar slipped on Monday as the deadlock over the budget threatened a government shutdown even as data showed that the economy continued to expand.

The MNI Chicago Report business barometer rose to 55.7 in September from 53.0 in August. The Dallas Fed’s general business activity index jumped to 12.8 from 5.0 in August. The Institute for Supply Management-Milwaukee's manufacturing index jumped to 55.0 in September from 48.2 in August.

UK economic data on Monday were also positive. Mortgage approvals for house purchases rose to 62,226 in August, the highest since February 2008, from 60,914 in July. House prices in England and Wales rose 0.5 percent in September, the biggest increase since May 2007, according to Hometrack.

Meanwhile, inflation in the euro area slowed to 1.1 percent in September from 1.3 percent in August, according to another report on Monday.

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