What to say about this week?
Australian CPI was really the only tradeable news. The ECB rolled out the usual jawboning and gold had its moments. Otherwise it was a dismal week as it starts to look more and more like the US (and global) economy is stuck in some kind of Twilight Zone of permanent 2% growth — at best.
The developing story might be weakness in housing but it’s too early to say if it’s seasonal or something bigger. Another round of earnings reports shows that hiring and capex remain a pipe dream.
Most don’t care what happens next as long as the FX market springs back to life.
