Week to Sep 17th

Equities down, dollar up into OpEx, Oil bucks trend

MY CALL THIS WEEK : BUY EURNZD

LAST WEEK

Equity markets were weak across the board, with notably DJI outperforming NDX by 0.71%, and only recent star NKY posting a green candle to a new eight month high. The fade was exacerbated by OpEx on Friday, with indices closing at lows. After several moribund days, the dollar rose sharply on Thursday’s blowout Retail Sales figure, where the monthly ‘Control Group’ ie core printed +2.5% vs a -0.1% estimate (raw figure was +0.7% vs -0.8%). USDJPY rose 0.27% in 10 minutes, and 0.41% in an hour. DXY closed the week at a four-week high. Gold tracked the dollar to touch five-week lows. 10-year yields (and the 10-2 curve) stayed range bound, although notably the long curve (30-10) touched 0.536%, an 18-month low. It was a good week for oil bulls (and thus XLE +3.20% against -0.57% SPX), but of course, adding fuel to the fire (excuse the pun) of the global transport supply and cost crisis. (Notably DJT -0.67%) fell further than SPX.

WEEKLY PRICE MOVEMENT

The biggest mover this week was FTSE, down 0.93%, making an 8-week low and back under 7,000. The top forex mover was AUDUSD this week, down 1.02%. Bitcoin and ETH were slightly up. FANGs generally followed NDX.

My EURNZD buy made 0.32% taking my year to date profit to 7.20% and 26/36 wins. I will stay with buying EURNZD as this move does not appear to be done yet.

Note we use Google Finance data for daily movements, listing UUP as a proxy for DXY. All references to ‘the dollar’ are based on DXY. The equity and index prices are now based on the cash close each day.

NEXT WEEK (all times are GMT)

The key event in the penultimate week of September is the FOMC meeting. A rate hold is 100% priced in, but traders will be looking for firm hints, or possibly even a calendar for the taper program, although this is hampered by the poor jobs print this month. There are also three other rate decisions, in China, Japan and UK. Other than that, only PMI data is of any significance.

CALENDAR (High volatility items in bold)

Monday September 20
06:00 Germany PPI

Tuesday September 21
01:30 RBA Meeting Minutes
12:30 US Building Permits/Housing Starts

Wednesday September 22
00:30 Aus Westpac Leading Index
01:30 PBoC Interest Rate Decision (e3.85% hold)
02:00 RBA Bullock speech
03:00 BoJ Rate Decision/Statement (e-0.1% hold)
06:00 BoJ Press Conference
14:00 Eurozone Consumer Confidence
18:00 Fed Rate Decision/Statement (e0.25% hold)
18:30 FOMC Press Conference
23:00 Aus Commonwealth Bank PMIs

Thursday September 23
07:30 Germany Markit PMIs (Mfr e65.0 p62.6)
08:00 Eurozone Markit PMIs (Comp e59.7 p59.0)
08:30 UK Markit Mfr/Svcs PMI (Svcs p55.0)
11:00 BoE Rate Decision/Statement (e0.1% hold)
12:30 US Jobless Claims
12:30 Canada Retail Sales (e4.4% p4.2%)
13:45 US Markit PMIs

Friday September 24
08:00 Germany IFO Sentiment Indicators
14:00 New Home Sales (MoM)(Aug)

Week to May 15th

Markets turn down, Worst Retail Sales ever, Earnings season pause and Opex

MY CALL THIS WEEK : BUY NZDCAD

In a week that saw reality bite, with WHO reporting a (so far small) second wave in countries which are furthest in lockdown release, and Fauci’s gloomy Senate testimony, the sharp move down for markets came when Fed Powell said that more needs to be done to support the economy. SPX was down 5.46% at its lowest point in the week, although some relief came in the last couple of days. There was notable sector divergence, with NDX managing to break even for the week, whereas lockdown-affected sectors like aviation fell heavily, AAL down 10.85% for example. Oil rose all week, but of course from a very low base, but a clear and constant move up in yen, gold and bonds, and to an extent the dollar, showed how any equity rallies are being driven by cheap or free money, rather than solid earnings hopes.

Next week has plenty of events, the retail phase of earnings season, led by giant WMT, Senate testimony on Tuesday and a Thursday speech by Fed Chair Powell, both on COVID-19 and the FOMC minutes, a Chinese interest rate decision, inflation from Japan, the UK and Canada, and another weekly set of no doubt depressing PMIs from Europe. But the patchwork reopenings, and arguments against will probably take centre stage, as traders continue to try and work out the endgame.

Mon May 11

A mixed day today with DJIA down but NDX up, as comments about reopening from New York governor Cuomo were balanced by general concern about the cost of the lockdown. The mood was positive overall, with Gold, bonds and JPY clearly down. USD was up across the board. Oil was flat on the day.

Tuesday May 12

US health official Dr Fauci warned today that a vaccine is still a while off, and it was a Turnaround Tuesday, as stocks fell around 2%, although AAPL outperformed, up 1.14% on the day. The turnaround was reflected in Gold, Bonds and JPY all up. The dollar was also down after the US CPI miss. Oil was surprisingly up, although this was not reflecting in the USO ETF which has failed to fully track the price of Oil recently.

Wednesday May 13

The downward trend continued today after Fed Chair Powell said that more needs to be done to support the economy, with airlines and banks falling particularly hard. Again the triple haven set (Gold, Bonds, JPY) were up, the latter being the only currency to gain against the dollar. Oil had a flat day, with reaction to the equity market being balance by a strong trend up from this historic low.

Thursday May 14

Despite another shocking Initial Jobless Claims figure of nearly 3 million, markets rallied today after an initial drop, as markets tested but ultimately were supported by the May 4 SPX 2780 low, and closed over 1% up. Oil was up in line, and CAD followed it. However, Gold and bonds were also up, showing that sentiment had not necessarily changed. However, JPY was down on what was otherwise a flat day for USD.

Friday May 15

Markets dipped today and then recovered, ending up marginally green on the day (SPX was up 0.39%), as Thursday’s recovery rally continued despite the worst Retail Sales print in history. In fact, there was a element of sell the rumour buy the news as the XRT Retail ETF was up nearly 2%. There were also rumblings of the trade war reopening as China threatened to “restrict or investigate” certain US chipmakers if the US continues to block Huawei’s supply chain. Oil was up again and bonds and JPY were down in line with the market, although Gold carried on rising. The dollar was fairly flat overall.

Just to show you how this is still a sentiment-driven market, look how well the Google Trends search terms for a second wave (fear) and a vaccine (hope) correlate with the SPX price over the last few weeks. The trends are of course inverted on the left-hand chart.

WEEKLY PRICE MOVEMENT

All indices were down this week, with DAX the largest faller at 4.03%. The weakest currency was NZD and the strongest was the dollar, with NZDUSD down 3.32% the worst performer. Cryptos pulled back sharply in the line with the equity markets, and with Bitcoin finding $10,000 to be a barrier. FANGS generally followed the market, except for NFLX which outperformed.

My call to buy EURUSD initially paid off, but eventually failed, losing 1.37%. Fifteen weeks, six wins, net profit 4.41%. I think NZD should recover a little, and CAD may fall with Oil next week, so I am buying NZDCAD.

Note we use Google Finance data for daily movements, listing UUP as a proxy for DXY. All references to ‘the dollar’ are based on DXY. The equity and index prices are now based on the cash close each day. Recoveries in line were seen in most FANGs, but not NFLX, which has not really fallen like the others.

NEXT WEEK (all times are GMT)

(Calendar High volatility items are in bold)

• More lockdown release
• UK, Japan, Canada inflation
• Chinese rate decision
• Powell Senate Testimony

Monday May 18

Like Mondays often are, today is quiet. The German BuBa monthly report is released. ‘BAT’ stock BIDU reports after the bell.  Markets are closed in Canada.

23:50 JPY Japan 20Q1 Prelim GDP (e-1.2% p-1.8%) (Sunday)

Tuesday May 19

Chair Powell’s Senate Health Committee testimony today is the star event. The retail phase of earnings season opens with DJIA components WMT and HD reporting before the bell. There is a rate decision in Indonesia. Markets are closed in Turkey.

01:30 AUD RBA Meeting Minutes

06:00 GBP UK Claimant Count/UnEmp/AHE (UnEmp e4.4% p4.0%)

09:00 EUR Germany ZEW Economic Sentiment Survey (e33.5 p28.2)

12:30 USD US Building Permits/Housing Starts

14:00 USD Fed Chair Powell testifies

14:30 NZD NZ GDT Milk Index

Wednesday May 20

The Chinese rate decision is probably the most important print of the day. The FOMC minutes may move things, but are foreshadowed by the Powell testimony on Tuesday. Retails earnings continue with TGT and LOW before the bell. As well as China, there are rate decisions in Thailand and Iceland.

01:30 CNY PBoC Rate Decision/Statement (e3.85% hold)

06:00 GBP UK CPI (YoY e0.9% p1.5%)

09:00 EUR Eurozone CPI

12:30 CAD Canada CPI (p1.6%)

14:30 WTI EIA Oil Stocks (May 15)

18:00 USD FOMC Minutes

18:00 CAD BoC Lane speech

23:00 AUD Aus Commonwealth Bank Manuf Prelim PMI

23:50 JPY Japan Imports/Exports/PB

Thursday May 21

Todays retail earnings reports before the bell are BBY, TJX and ROST. After the bell is NVDA. There are rate decisions in South Africa, Turkey and the Phillippines. Banks are closed the Nordic countries, Germany and France for Ascension Day, although markets are open.

02:30 AUD RBA Governor Lowe speech

07:30 EUR Germany Markit Manuf Prelim PMI (e40.0 p34.5)

08:00 EUR Eurozone Markit Composite Prelim PMI (e24.0 p13.6)

08:30 GBP UK Markit Services Prelim PMI (e22.1 p13.4)

12:30 USD Philly Fed Manuf Survey (May)

12:30 USD US Initial Jobless Claims (May 15) (p2981k)

13:45 USD US Markit Markit Prelim PMIs

14:00 USD US Existing Home Sales (MoM)(Apr)

17:00 USD Fed Clarida speech

18:30 USD Fed Chair Powell speech

22:45 NZD NZ Retail Sales (QoQ p0.7%)

23:30 JPY Japan National CPI (ex Food YoY e-0.1% p0.4%)

Friday May 22

A quieter day on releases. The third and largest of the ‘BAT’ stocks, BABA, reports today before the bell.

06:00 GBP UK PSBR

06:00 GBP UK Retail Sales

11:30 EUR ECB MPC Minutes

12:30 CAD Canada Retail Sales (MoM p0.3%)

14:30 EUR ECB Lane speech

Week to Apr 17th

COVID growth stabilising, Mixed bag of earnings, Oil collapses again
MY CALL THIS WEEK : SELL EURCAD

This week, some light was seen at the end of tunnel, with some flattening of the infection curve, and promising results from the remdesivir drug from GILD. However, the macroeconomic data continued to be dire, such as the lowest Retail Sales print on record, and the Philly Fed survey’s worst result since 1980. Nevertheless, markets reached their highest level from a month, and have now recovered half the drop from the March crash. Earnings were generally misses, although of course a lot of this is priced in.

Next week will probably bring more coronavirus progress, and traders will be looking for any sign of a lockdown exit plan. Earnings season continues with bellwether IBM, lockdown beneficiary NFLX, tech giant INTC, and staple KO. US macro data is lighter, with only the Capital Goods (a manufacturing proxy) and of course the Initial Jobless claims being significant.

Last week we published an earnings table, showing how there was little correspondence between the earnings estimates and the drop in stock prices. At the time, in all cases the drop was more than the lower estimate suggested. Here are the results of earnings reports, and as you can see in most cases, although the variance (and thus the price/earnings ratio) is still considerable, there has been some reversion to mean post-results.

Mon Apr 13

The COVID-19 rollercoaster continued today, although volatility is clearly falling off. After last week’s rally, DJIA was down 1.39%, partly through CAT falling 9% after a downgrade, the other US indices less so. European markets were closed, and DAX futures were flat. The dollar was generally down, although the Euro fell even further. Gold and JPY were up, and Oil was down in line with equities, although bonds were slightly down. 

Tuesday April 14

After news that the New York virus deaths were levelling off, we saw Turnaround Tuesday in equities, with SPX up 3%, following outstanding earnings for JNJ. Another down day for the dollar, although NZD and CAD were flat. Gold was up again, continuing its partial disconnect with other markets, and bonds once again went in the same direction as equities, although both Monday and Tuesday’s move were small. Oil fell again, on general over-supply fears.

Wednesday April 15

The worst Retail Sales and Empire State Manufacturing releases in history turned the market down again today, and BAC missed on earnings. Markets turned down again, but only by about 2%, a relatively small move by current standards. A safe haven flight to the dollar pushed DXY sharply up over 1%, although JPY was the least affected. Bonds were up in line, and Oil fell sharply by nearly 5%, after the big miss on EIA stocks. God ignored equities again, and fell in line with the stronger dollar.

Thursday April 16

Equities were back up today, but only slightly, with SPX adding 0.6%. Competing forces of politicians being upbeat about coronavirus control and a flattening of the curve were in stark contrast to the ever worsening data (which lags behind of course). Today’s new Jobless Claims was 5.245 million, and remember this is new claims, in addition to the 16 million already filed in the last three weeks. The pre-COVID levels are less than a million a month. We are starting to see serious decor relation of individual stocks, today’s lockdown winners included NFLX and AMZN, both hitting all-time highs.

USD was also mixed and the DXY basket was slightly up, mainly due to a noticeable move down in EUR. Where equities are following news to some extent, it is very difficult to find the reasons for currency moves at the moment. Gold and bonds were nearly flat, and Oil’s drop of 2% 

Friday April 17

The rally continued today, with SPX pushing through the 50% retrace barrier. The trigger came in NDX as GILD (1.19% of NDX) rose 16% overnight on reports that their drug remdesivir was very helpful for COVID-19 patients (GILD ended the day 9.73% up. That only added 0.12% to NDX but sentiment is the thing, and indices were up 3%. USD took a dip today, down again all currencies and Gold, so for once all other other asset classes (bonds, Gold JPY down, Oil up) were in line.

And finally, if you are in any doubt that the current market is entirely driven by sentiment, look at this chart of Google searchs for "coronoavirus" correlated with the inverted price of SPX.

WEEKLY PRICE MOVEMENT

A quieter week with the NDX 6% rise being the strongest move. For the first time in weeks, a cross was the strongest mover with NZDJPY down 1.57%, also quieter than before. Bitcoin hardly moved, whereas ETH added to last week’s gains. FANGs did very well, particularly AMZN which returned to new highs.

My USDCAD sell call lost 0.33%. Eleven weeks, five wins, and a running total of 3.73%. This week I am selling EURCAD. CAD is going to break out soon.

Note we use Google Finance data for daily movements, listing UUP as a proxy for DXY. All references to ‘the dollar’ are based on DXY. The equity and index prices are now based on the cash close each day. Recoveries in line were seen in most FANGs, but not NFLX, which has not really fallen like the others.

NEXT WEEK (all times are GMT)

(Calendar High volatility items are in bold)

• Possible light at end of tunnel
• Sentiment-driven market
• Earnings season continues
• UK and Canada inflation

Earnings are the key variable again as we enter the second week of the season. Like last week, we have done a table for next week’s earning and as you can see, the reduced estimates vs prices are all over the place. We will update the table next week with actual figures.

Monday April 20

Light on news today, as we enter another week of lockdown. Earnings today include bellwether IBM and oil services contractor HAL.

22:45 NZD NZ CPI (YoY e1.8% p1.9%) (Sun)

23:50 JPY Japan Imports/Exports/TB

01:30 CNY PBoC Interest Rate Decision (p4.05%)

06:00 EUR Germany PPI

12:30 USD Chicago Fed National Activity Index

Tuesday April 21

Today’s earnings give us some profile outside the banks, with DJIA staple KO before the bell, and lockdown winners NFLX and SNAP after the bell. The first post-lockdown unemployment figures come out in the UK, and we will see if Canada’s Retail Sales are as bad as last week’s US figures. Markets are closed in Brazil.

01:30 AUD RBA Meeting Minutes

05:00 AUD RBA's Governor Lowe speech

06:00 GBP UK Unemp/AHE/Claimant Count Change (Unemp e3.8% p3.9%)

09:00 EUR Germany ZEW Economic Sentiment (e-43.0 p-49.5)

12:30 CAD Canada Retail Sales (e0.0% p0.4%)

14:00 USD US Existing Home Sales

14:30 NZD NZ GDT Milk Index

Wednesday April 22

DAL the first airline to report comes before the bell, together with theoretically unaffected T. Casino LVS reporting after the bell will give us some insight into how bad the leisure industry has taken the crisis. Again, putting some numbers on the problem. Watch out for EIA oil stocks which seem to be growing every week. There is a rate decision in Turkey.

06:00 GBP UK CPI/RPI/PPI (YoY CPI e1.7% p1.7%) 

12:30 CAD Canada CPI (BoC Core YoY e1.8% p1.8%)

13:00 USD US Housing Price Index

14:30 WTI EIA Oil Stocks

23:00 AUD Aus Commonwealth Bank Manuf PMI

Thursday April 23

A fifth week of virus-era Jobless Claims may show some tailing off in claims, or not, as the case may be. The European PMIs are already at dire level. INTC after the bell is the most significant earnings release today. Markets are closed in Turkey.

06:00 GBP UK PSBR/Retail Sales

06:00 EUR Germany Gfk Consumer Confidence Survey(May)

07:15 EUR Italy Markit Prelim PMIs

07:30 EUR Germany Markit Prelim PMIs (Manuf e39.6 p45.4)

08:00 EUR Eurozone Markit Prelim PMIs (Composite e38.8 p29.7)

08:30 GBP UK Markit Prelim PMIs (Composite e38.8 p29.7)

12:30 USD Initial Jobless Claims (p5245k)

13:45 USD US Markit Prelim PMIs

14:00 USD US New Home Sales (MoM)(Mar)

15:00 USD Kansas Fed Manuf Activity

23:30 JPY National CPI

Friday April 24

The inelegantly named Non-Defence Capital Goods excluding Aircraft report is the main macro print of the day. Earnings include telecoms provider VZ and bank AXP.

06:00 GBP UK Retail Sales

08:00 EUR IFO - Business Climate/Assessment/Expectations

12:30 USD Durable/Capital Goods (e-0.4% p-0.9%)

14:00 USD Michigan CSI

This report is published every week as an email by MatrixTrade.com - you can sign up to receive it here. This blog is supported solely by advertising, so if any of the ads interest you, please click on them. If you want notification when the blog is updated, please follow me on Twitter, Facebook, Stocktwits, TradingView or Linkedin (all open in separate windows). Details of how I compile the report are here.

Week to May 10th

Trump tweet cast shadow on the week, Trade Talks still unresolve, AUD, NZD brief spikes only

Mon May 06

President Trump tweeted at weekend to confirm that he would be implementing China tariffs on Friday, and although this was the default condition, the confirmation caused SPX to gap down 1.5%, touching 2.2% by the middle of the Asian session, although this reversed when the US opened and the primary index closed down 0.5% on the day. It was a similar story with world indices. The dollar only moved very slightly (DXY -0.08%). Most currencies were up but the basket loss was trimmed by a GBP fade, as no progress appears to be being made on Brexit. Gold was down, surprisingly, and Oil was up 2%. Yields were roughly flat in line with the dollar.

Tuesday May 07

Equity markets slid further today on trade war fears, with SPX down 1.7% and the risk-sensitive NDX down 2%. DJIA posted its worst day since Jan 3. The risk-off assets (bonds, JPY and Gold) all rose, but with risk currencies falling, the net effect on DXY was a rare totally flat day. AUD spiked up 40 pips when the RBA did not cut rates, as a minority of commentators expected, but this was short-lived. Oil’s volatility continued, giving up most of Monday’s gains.

Wednesday May 08

There was some worry that Chinese vice-premier Liu may not even attend the latest talks after the Trump tweet, but it was confirmed they would go ahead tomorrow and Friday. Markets paused, and SPX ended flat, and NKY continued to slide. However, DAX and FTSE were up. We may have been seeing a rotation into (cheaper) European equities.

It was third flat day for the dollar (DXY+0.04%), again a GBP slide was covered by slight appreciation in EUR and JPY (EUR had not moved out of a 35 pip range since Monday). NZD plunged 1.2% in thin trading as the RBNZ cut rates, but quickly recovered to its opening level a few hours later. A later fade ended the Kiwi 0.4% down on the day. Both Gold and Bonds rallied then collapsed quickly to end the day lower, despite there being no obvious triggers. Oil was up slightly.

Thursday May 09

A fourth day of trade gloom was only slightly mitigated by President Trump saying he had received a “beautiful letter” from his counterpart in China, moving SPX from a low of 1.5% to ‘only’ 0.3% down at the close. Other indices followed suit. DXY finally made a noticeable move, down 0.17%, largely due to a sharp move in EURUSD which shot up 0.5% in 30 minutes as the US opened. There was no European news to prompt this, so it may have been a rotation into EUR similar to the equity rotation we mentioned yesterday. Most currencies (and Gold) were up, although AUD only managed to end flat. Oil was down in line with stocks.

Friday May 10

Despite the trade talks failing [to produce an agreement], positive remarks from US TreasSec Mnuchin and Vice-Premier Liu produced an end-of-week rally which put indices into positive territory, but still posting the worst week of 2019. USD paid little attention to the CPI miss at 1230, the only notable move was a big surge in CAD which added 100 pips (0.75%) on the Canadian NFP beat. DXY was down 0.1% on the day, with very slight appreciation across the board (including Gold and Oil). Yields were fairly flat.

WEEKLY PRICE MOVEMENT

All indices fell, with the NIFTY falling furthest. Last week the most volatile pair was GBPJPY up 2.41%, this week it’s down 2.38%. Yet another crypto rally, and notably Bitcoin added another 14% over the weekend. FANGs were all considerably further down than NDX as a whole.  

Note we use Google Finance data for daily movements, listing UUP as a proxy for DXY. All references to ‘the dollar’ are based on UUP. The equity and index prices are now based on the cash close each day.

NEXT WEEK (all times are GMT)

(Calendar High volatility items are in bold)

• German and Eurozone GDP
• US Retail Sales but little else
• Option expiration week
• Several CB speakers

Monday May 13

A quiet start to the week with no significant European or US news. Markets are closed in Hong Kong. Fed Rosengren (hawk, voter) and Clarida (vice-chair) speak today. There is an election in the Philippines.

01:30 AUD Aus Investment Lending for Homes

02:15 CNY China FDI - Foreign Direct Investment (YTD) (YoY)

05:00 JPY Japan Leading Economic Index

21:30 CAD BoC Lane Speech

Tuesday May 14

All the news is from Europe today, with another day of nothing from the US. Fed George (hawk, voter)speaks today.

06:00 EUR Germany CPI (e1.7% p2.1%)

08:30 GBP UK Unemployment/AHE (Core AHE e3.4% p3.4%)

09:00 EUR Eurozone & Germany ZEW Sentiment

20:30 WTI API Oil Stock

Wednesday May 15

After the simultaneous German and Eurozone GDP, we have US Retail Sales and Canadian inflation, both at 1230. Expected USDCAD volatility. Fed Barkin (hawkish, non-voter) speaks today. NDX heavyweight CSCO reports after the bell. There are rate decisions on RON and PLN.

00:30 AUD Aus Westpac Consumer Confidence

01:30 AUD Aus Wage Price Index (QoQ)

02:00 CNY China Retail Sales (YoY)

02:00 CNY China Industrial Production (YoY)

02:00 CNY China NBS Presser

06:00 EUR Germany 19Q1 GDP (prelim) (QoQ e0.3% p0.0%)

09:00 EUR Eurozone 19Q1 GDP (prelim) (QoQ e0.4% lunch.)

12:30 USD US Retail Sales Apr (Control Grp e0.4% p1.0%)

12:30 CAD Canada CPI (Core YoY e1.8% p1.6%)

13:15 USD US Industrial Production (MoM)

14:30 WTI EIA Oil Stock

Thursday May 16

The most important print of the day is the Australian jobs report. DJIA component WMT reports before the bell. There are rate decisions on IDR and MXN.

00:00 EUR Eurogroup Meeting (all day)

01:30 AUD Aus NFP/UnEmp (NFP e14k p25.7k)

02:45 AUD RBA Bullock speech

08:15 EUR BuBa President/ECB Weidmann speech

12:30 USD US Housing Starts/Building Permits (MoM)

12:30 USD US Jobless Claims

12:30 USD Philly Fed Manufacturing Survey

17:30 GBP BoE Haskel speech

21:30 NZD Business NZ PMI

Friday May 17

Today is monthly OpEx day, so expect additional volatility. The key release is the Michigan Consumer Sentiment Index. Markets are closed in Denmark and Norway. This weekend is the Australian Federal Election, and the results from India are due next week.

00:00 AUD Aus Consumer Inflation Expectations

09:00 EUR Eurozone CPI

14:00 USD Michigan CSI (prelim) e97.2 unch.

This report is published every week as an email by MatrixTrade.com - you can sign up to receive it here. This blog is supported solely by advertising, so if any of the ads interest you, please click on them. If you want notification when the blog is updated, please follow me on Twitter, Facebook, Stocktwits, TradingView or Linkedin (all open in separate windows). Details of how I compile the report are here