Fed Minutes are due today. In her recent testimony, Fed Chair Yellen explained why Fed Minutes often seem to have no relationship to the Fed statements. Her explanation was that the new topics in the Minutes had been discussed in the meeting. In other words, anything discussed at the FOMC is fair game for the Minutes. This gives the Fed a chance to "update" the statement, so the Minutes can be new news, not just a rehash of what their view was three weeks ago.
In other words, how the emphasis of the Minutes changes vs. the policy statement matters.
GVI Trading Room john 11:21:10 GMT - 07/06/2016
Crude Oil has recently slipped into the background as a market factor. I heard an analyst earlier today say that a number of supportive factors for prices are now fading. Most importantly, from a production standpoint that the Summer driving season is usually over by the start of July. He was saying that technically that the $46 level is key support.
The flight to safety trade remains the major focus of global trading with the U.S. 10-yr yield reaching new record lows. Equities in Europe and Asia are weaker again. U.S equity futures are soft as well. The major focus now is U.S. jobs data on Friday. Street estimates are for a surprisingly strong monthly gain of +180K in June.
The June EZ Retail PMI fell into contraction in June. U.S. service PMIs will be released today.
Tuesday saw the first round of Conservative Party voting for party leadership They are started with five candidates and then every Tuesday and Thursday there is a new vote with the candidate getting the least number of votes eliminated. Liam Fox was eliminated and Stephen Crabb dropped out. So then there were three. The final two will be presented to the party as a whole to select the new party leader. This will happen before September.
John M. Bland, MBA co-founder Global-View.com
Mtl JP 04:06:00 GMT - 07/06/2016
oh gag me !
Japanese cabinet secretary says economy’s fundamentals are solid
Published: July 5, 2016 11:34 p.m. ET
Tuesday saw the first round of Conservative Party voting for party leadership They are starting with five candidates and then every Tuesday and Thursday there is a new vote with the candidate getting the least number of votes by Tory MP's being eliminated until two remain. Those two are then presented to the party as a whole to select the new party leader. This will happen before September. Tuesday saw Liam Fox eliminated.
The U.S. is returned from a long weekend to a gloomy market for equities and a flight to safety bid in bonds. The U.S. 10-yr yield a record low below. 1.400%.
Final EZ Services PMIs were revised mostly higher from their flash estimates. Nevertheless they remained soft vs. May. The U.K. Services PMI fell but probably does not include the full impact of Brexit yet.
Australia remains without a government following a too close to call vote. The Reserve Bank of Australia kept rates steady. The RBA policy statement was more neutral than many had expected.
John M. Bland, MBA co-founder Global-View.com
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