Quote:
‘The question of whether Machines Can Think…is about as relevant as the question of whether Submarines Can Swim.’ Edsger Dijkstra (1930-2002)
The News:
Japan Chief Cabinet Secretary says: ‘we will keep a close watch on currency market trends’.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
07:00 JP June Machine Tool Orders –73.1% Y/Y versus –79.2% May.
07:00 DE May Trade Balance +€9B, Current Account +€3.7B, vs +€9.4B and revised +€5.5B April.
09:00 EZ16 June ECB Monthly Report.
09:30 GB May Trade Balance (-£7.0B to -£6.4B, Non-EU -£4.0B to -£3.5B, versus -£7.0B and -£4.1B April).
12:00 GB Bank of England’s MPC interest rate decision (unanimously expected unchanged at 0.50%).
13:15 CA June Housing Starts (110K to 135K versus 128.4B May).
13:30 US Weekly Jobless Claims (570K to 625K, Continuing Claims 6680K to 6950K, vs 614K and 6702K prior week).
14:00 US Fed’s Duke speaks at an FDIC conference, Chicago.
15:00 US May Wholesale Inventories (-1.5% to –0.7% versus –1.4% April).
15:00 US Fed’s Greenlee testifies on commercial real estate at Joint Economic Committee, Washington.
19:00 US Fed’s Kohn testifies on the Fed’s independence at House Financial Services Committee, Washington.
19:30 US Fed’s Stern speaks on the financial crisis, Montana.
23:00 VA President Obama meets the Pope, the Vatican.
00:50 JP June Domestic CGPI (Mizuho Securities –0.2% M/M, -6.5% Y/Y, versus –0.4% and –5.4% May).
The Psychology:
Holidays in Argentina and Brazil today.
The Risk:
Thirty-year Treasury auctions in Canada and the US as the G8 meeting in Italy continues.
Today’s most interesting chart: US TNote future
Bursting above trendline resistance.
