After injecting some subtle dovish modifiers (and acknowledging the blindingly obvious) into yesterday's FOMC statement, the market will be particularly attuned to a weak retail sales figure today and once again rush to price in rate cuts from the Fed if it disappoints.
Economists expect a headline rise of 0.2% with ex-autos rising 0.3%. Gasoline prices have stabilized so should not be much of a factor this month. Sovereign sellers remain rumored on rallies toward 1.3290/1.3300 while buyers of the same ilk are expected once again in the 1.3220/30. EUR/USD trades at 1.3263.
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