Quote:
‘I can’t type, I can’t file, I can’t even answer the phone.’ Elizabeth Ray (1943-2008), secretary to US Rep. Wayne Hays, House Administration Committee.
The News:
RBNZ governor Bollard says the currency needs to be ‘persistently weak over the coming years’.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:01 GB June RICS House Price Balance –18.1% vs –43.8% May: BRC Retail Sales Monitor +1.4% vs –0.8% May.
05:00 JP June Tokyo Condominium Sales –23.0% versus –19.4% May.
05:00 JP Bank of Japan starts a two day rate setting meeting (expected unchanged at 0.10%).
09:30 GB June CPI (0.0% +0.5% M/M, +1.4% to 2.1% Y/Y, versus +0.6% May).
09:30 GB Bank of England’s Appointee Adam Posen’s written response to Treasury’s Committee’s Questionnaire.
10:00 DE July ZEW Economic Sentiment (40 to 55 versus 44.8 June).
10:00 EZ16 ZEW July Economic Sentiment (42 to 51 versus 42.7 June).
10:00 EZ16 May Industrial Production (+0.1% to +2.2% M/M, -21.5% to –16.5% Y/Y, vs –1.9% and –21.6% April).
13:30 US June Retail Sales (-1.0% to +1.2% M/M, Ex-Autos –0.1% to +1.5%, vs +0.5% and +0.5% May).
13:30 US June PPI (0.0% to +1.8% M/M, -5.8% to –4.3% Y/Y, versus +0.2% and –5% May).
13:30 US June PPI Ex-Food&Energy (–0.2% to +0.2% M/M, +0.2% to +3.6% Y/Y, versus –0.1% and +3.0% May).
15:00 US May Business Inventories (-1.2% to –0.6% versus –1.1% April).
The Psychology:
French Bastille Holiday (also Iraq Republic Day).
The Risk:
Temptation to massage the numbers increases.
Today’s most interesting chart: Nymex Crude Oil
Media excitement as it dips below $60.00.
