Quote:
‘There is always the thin pane of glass set up between us
And our desires.
We stare and stare and stare, until the night comes
And the glass is superfluous.’ R. S. Thomas (1913-2000)
The News:
Six US citizens arrested in North Carolina on charges of plotting ‘jihad’ abroad.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
04:00 AU Reserve Bank of Australia governor Stevens says significant rise in demand for home loans and house prices are tending to rise. Surveys show confidence has recovered some ground.
11:00 GB July CBI Distributive Trades Report (-25 to –5 versus –17 June).
14:00 US May CaseShiller Home Prices (-18.3% to –17.5% Y/Y versus –18.12% April).
15:00 US July Consumer Confidence (44 to 56 versus 49.3 June).
15:00 US July Richmond Fed Manufacturing Index (-2 to 10 versus 6 June).
17:35 UD Fed’s Yellen speaks on the economy, Idaho.
18:00 US auction result of 2-year TNote sale marks the start of a very busy week of auctions.
23:00 US Fed’s Bernanke’s televised PBS interview airing of part 2.
00:50 JP June Retail Trade (-2.5% to +0.5% M/M, -3.5% to –2.1% Y/Y, versus +0.1% and –2.7% May).
00:50 JP June Large Retailers’ Sales (Mizuho Research Institute –5.5% Y/Y versus –6.5% May).
The Psychology:
US charm offensive with China picks up a notch.
The Risk:
Many not thinking clearly on risk and prospects.
Today’s most interesting chart: Australian dollar
Rallying out of a ‘flag’ formation.
