Business inventories fell 1.0% in March. this subtracts from GDP in the short-term but sets the stage for a rebound in the months ahead as inventories are rebulit once demand (hopefully) recovers.
Also crossing the wires is news from the American Petroleum Institute that oil inventories in the US are up nearly 80 mln barrels since July, the largest rise in more than 80 years! Oil trades at $58.70 after breaching $60 briefly on Monday.
EUR/USD is consolidating losses, eyeing support at 1.3555/65. Stops are clustered in the 1.3540/50 region and are looking quite vulnerable. The S&P is down 2.0% at writing.
