Quote:
‘Race car driving’s like s*x. All men think they’re good at it.’ Jay Leno (1950-)
The News:
China formally arrests Rio Tinto employees accused of spying and price fixing.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:50 JP July Domestic CGPI +0.4% M/M, record -8.5% Y/Y, versus revised –0.4% and –6.7% June.
06:00 JP Bank of Japan Monthly Report.
09:30 GB July Jobless Claims (+15K to +40K, Unemployed 4.8% to 5.0%, versus +23.8K and 4.8% June).
09:30 GB June ILO Unemployment ( 7.6% to 7.9% versus 7.6% May).
09:30 GB June Average Earnings (+2.1% to +2.7% 3M-Y/Y, Ex-bonus +2.4% to +2.6%, vs +2.3% and +2.6% May).
10:00 EZ16 June Industrial Production (-0.5% to +1.5% M/M, -17.5% to –15.0% Y/Y, vs +0.5% and –17.0% May).
10:30 GB Bank of England Quarterly Inflation Report.
13:00 NO Norges Bank interest rate decision (unanimously expected unchanged at 1.25%); 13:45 news conference.
13:30 US June Trade Balance (-$31B to -$25.5B versus -$26B May).
13:30 CA June Trade Balance (-C$1.5B to +C$1.9B versus –C$1.4B May).
13:30 CA June New Housing Price Index (-1.0% to +0.2% M/M versus –0.1% May).
19:00 US July Monthly Budget Statement (-$182B to -$115B versus -$102B June).
19:15 US FOMC interest rate decision (unanimously expected unchanged at 0.25%).
The Psychology:
Stock markets looking a tad shaky.
The Risk:
Ten-year Bund and TNote auctions today.
Today’s most interesting chart: NOK/JPY
Potential important reversal formation in many Yen crosses.
