Quote:
‘Too much good taste can be boring.’ Diana Vreeland (1906-1989)
The News:
Japan’s Fujii says might intervene if FX moves are irregular.
The Numbers:
British Summer Time, with expectations and previous figures in brackets.
00:30 JP September Tokyo CPI –2.0% Y/Y, Ex-fresh food –2.1%, versus revised –1.7% and –1.9% August.
00:30 JP August National CPI –2.2% Y/Y, Ex-fresh food record –2.4%, versus –2.2% and –2.2% July.
06:00 JP September Small Business Confidence 43.5 versus 41.8 August.
07:00 DE August Import Price Index +1.3% M/M, -10.9% Y/Y, versus –0.9% and –12.6% July.
09:30 GB final Q2 GDP (-0.7% to –0.5% Q/Q, -5.5% to –5.3% Y/Y, versus –0.7% and –5.5%).
09:30 GB August Net Consumer Credit (-£0.4B to +£0.3B. on Dwellings -£1.3B to +£0.5B, vs -£0.2B and -£0.4B July).
09:30 GB August Mortgage Approvals (50K to 55K versus 50.1K July).
10:00 EZ16 September Business Climate (-2.1 to –1.9, Economic 81 to 85, Industry –26 to –22, Services –10 to –7, versus –2.21, -22, 80.6, -26 and -11 August).
11:00 GB September CBI Industrial Trends (-17 to –10 versus –16 August).
14:00 US July CaseShiller Home Prices (-14.7% to –12.5% Y/Y versus –15.44% June).
14:50 US Fed’s Fisher speaks on the economy, Dallas.
15:00 US September Consumer Confidence (55 to 70 versus 54.1 August).
00:01 GB September GfK Consumer Confidence (-26 to –20 versus –25 August).
00:50 JP August Industrial Production (Mizuho Securities +1.1% M/M, -19.4% Y/Y, versus +2.1% and –22.7% July).
The Psychology:
FX market scrambles back onto a slightly more even keel.
The Risk:
Messy markets.
Today’s most interesting chart: Benchmark US 30-year TBond yield
Lowest since May.
