Currency Traders Awaiting Today’s US Economic Data
August 14, 2009 by Trace
Filed under Currencies and Gold, Trading in the Market
Good morning everyone, Metals are trading quietly with a slight positive bias as most traders are awaiting the release of this morning’s economic data. Our background barometers are quiet and mixed. The Euro is trading 12/100ths of U.S cent lower against our Dollar at $1.4288. Euro currency traders are a little nervous with traders expecting to see improvement in today’s U.S data.
Silver is 3 cents higher at $14.98. Gold is $956.00 up $1.00 from yesterday’s wrap up level. Palladium is up $5.00 and trading at $280.00. Platinum is $2.00 higher and changing hands at $1266.00.
As for that data; we start the day with the Consumer Price Index where Wall Street expects to see retail inflation continue to be well in check. Look for the CPI to clock in at 0% compared to last months rise of .7%. The core index which excludes food and energy is estimated to have risen by .1% compared to June’s rise of .2%. No Fed worries here.
Next we get the July reading of Industrial Production where the Street is looking for signs of economic recovery. The estimate calls for a rise of .4% versus last month’s decline of .4%. If correct the number sends out a very positive signal on the economy.
Today’s final report will be the Preliminary University of Michigan Sentiment Index of Consumer Confidence where we expect to see further improvement in the consumers’ outlook. Look for the index to clock in at 69 compared to 66.
Meanwhile over in the energy markets the price of Oil sits at $70.80 up 30 cents. Over in the equities market stocks ended yesterday with last minute rise of 36 Dow points. This morning the indications are calling for a flat to slightly higher open with Dow futures pointing to a 3 point rise.
On the geo political front we find North Korea throwing out another olive branch to the west with the release of a captive South Korean worker.
On the economic calendar today:
U.S. Consumer Prices
U.S. Industrial Production
U.S. Consumer Sentiment
EZ Consumer Prices
EZ GDP
German GDP
