Trading n FX has been rather subdued for much of Monday following on from Friday’s sharp selloff in the US$, while US stocks fell by around 0.75% – but well above their lows – after Caterpillar and Nvidia blamed slowing global growth for disappointing results. The US$ is mixed and now seems likely to range trade ahead of tomorrow’s, FOMC Meeting. Oil fell sharply, down 3.5%, as disappointing corporate profit forecasts stoked concern about the economy, bruising a market already anxious about booming American oil supplies, while at the same time global growth is slowing.
Tuesday will kick off with the NZ Trade Balance (exp +NZ $225 mio; actual has now been released as +250) and the NAB Business Conditions/Confidence after which the day’s focus will be on the latest Brexit vote, so expect plenty of volatility in Cable, but probably not until early tomorrow in Asia. That aside, there will be little going on and traders will probably sit on their hands until the heavy data load due Thur/Fri. Europe has nothing to offer today while the US will look to the Consumer Confidence and the Case Shiller House Price Index for guidance. The weekly API Weekly Crude Oil Stock Inventory are also due. Have a good day.
Economic data highlights will include:
Tue: NZ Trade Balance, NAB Business Conditions/Confidence, US Consumer Confidence, Case Shiller House Price Index, API Weekly Crude Oil Stock Inventory
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