e week’s key catalysts. Also challenging the pair traders are the mixed concerns surrounding growth and central banks.
Fears of economic slowdown, mainly emanating from China and Europe, join firmer Treasury yields and positive equities to confuse the traders. It’s worth noting that the US dollar also retreated amid the market’s indecision. refreshed its three-week high before reversing from 106.94.
Talking about the data, US Industrial Production grew 0.6% in July versus 0.3% expected and upwardly revised 0.0% prior whereas Building Permits also increased to 1.674M MoM during the stated month versus 1.656 market expectations and 1.696M previous readings. It should be noted that the Housing Starts dropped to 1.446M from 1.599M prior and 1.54M expected. Further, ZEW Sentiment data from Germany and Europe came in weaker for Economic Sentiment but improved a bit for Current Situation.
Amid these plays, Wall Street managed to close on a positive side, despite retreating by the end of the day. That said, the US 10-year Treasury yields snapped a two-day downtrend by regaining 2.80% at the latest. It should be noted that the US 10-year Treasury yields pause the previous day’s rebound while the S&P 500 Futures print mild losses at the latest.Gross Domestic Product , expected to confirm the 0.
It’s worth noting that the Minutes statement will be eyed to confirm another hawkish move in September despite the latest reduction in the inflation fears.
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