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WEEKLY HIGH IMPACT NEWS:
08:00 DE- IFO
14:00 US- CB Consumer Confidence
All Day flash SVC PMI
00:30 AU- CPI
14:00 US- New Homes Sales
14:00 US- Pending Homes Sales
14:30 US- EIA Crude
08:30 GB- GDP
12:30 US- Weekly Jobs
12:30 US- Durable Goods
23:30 JP- CPI
12:30 US- GDP
14:00 US- University of Michigan
00:00 RZ/GB Clocks turn back one hour
- Monday has seen the first round of global PMIs with flash data from the EZ and Japan. These reports have been mixed to better. Also, the U.S. Markit flash PMI beat expectations.
- Tuesday features the highly respected German IFO sentiment Survey. The U.S. releases the Conference Board Consumer Confidence Survey.
- Markets are still trying to reconcile the prospects for a Fed policy tightening in December with Yellen's new notion of a high-pressure economy. In either case, the USD has been moving to a higher level, perhaps because the markets are finally seeing one country considering new things finally to break out of the global low growth malaise.
- The highlight of trade last week was the Thursday ECB policy board meeting outcome. While the ECB statement included no surprises, markets took the Draghi comments to be dovish. The ECB used its standard rhetoric and said no decision on a "taper" would be announced until the December meeting. Markets reacted by taking out stops above and below the markets in EURUSD.
- U.S. Bond yields remained depressed following mixed U.S. data and the recent Yellen comments. Both the Fed and BOE have started to make it clear that they would ignore an inflation overshoot to get their economies growing again.
John M. Bland, MBA
CURRENT CONDITIONS: Risk On
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