Quote:
‘Time, like an ever-rolling stream, Bears all its sons away; They fly forgotten, as a dream Dies at the opening day.’ Isaac Watts (1674-1748)
The News:
US retail sales +19% over the weekend but Wal-Mart ones –0.1% in November, first drop since 1996.
The Numbers:
Greenwich Mean Time, with expectations and previous figures in brackets.
(23:50) JP October Corporate Service Prices +0.1% versus +0.3% Y/Y September.
07:00 JP Bank of Japan governor Fukui speaks at Osaka University; news conference at 09:00. From today DE October Retail Sales (+0.5% to +3.0% M/M, +0.2% to +5.5% Y/Y, vs –1.7% and –1.2% September).
09:30 GB October BBA Mortgage Lending.
10:00 NO auction result of 3B krone 2011 Treasury bond.
18:00 E12 Eurozone Finance Ministers’ meeting, Brussels.
23:50 JP October Large Retailers Sales (Mizuho Research Institute –2.0% versus +0.8% September).
23:50 JP October Retail Trade (Mizuho Research Institute –0.4% Y/Y versus +0.7% September).
The Psychology:
Shock as US dollar slips very suddenly to levels not seen in many months.
The Risk:
US dollar selling gathers pace in thin markets.
Today’s most interesting chart:
$/Swiss franc Leading the way to generalised US dollar weakness and making up for time wasted this year.
