A Very Busy Tuesday Ahead

July 14, 2008

Aside from the Japanese and Canadian central bank policy rate announcements previewed earlier, Fed Chairman Bernanke’s first day of Humphrey-Hawkins testimony to Congress begins at 14:00 GMT.  A considerable slate of data get released as well tomorrow in Europe: the RICs house price gauge and consumer prices from Britain, French business sentiment and current account figures, the ZEW surveys for financial market sentiment toward Germany and Euroland, and Italian consumer prices.  Later in the day, the U.S. releases retail sales, chain store sales, producer prices, the Empire State index, and business inventory data.  Trading today has elements of inflation-phobia (a weaker dollar with gold above $973 and oil just slightly under $145) and worries about a financial-centric recession (softer equities and higher bond prices on safe-haven inflows). 

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