S&P futures are near flat on the day after being up better than 3 points a short while ago. EUR/USD has pulled back from above 1.3000 as the futures ebbed. With the market swing around in well-worn ranges there is luttle reason to add much liquidity until prices nears one end of the range or the other.
US housing data is the economic highlight (or more likely lowlight) this morning. Housing starts are seeing falling to 450,000 annual unit rate while permits are seen falling to a 500,000 annual rate.
PPI is due as well, expected to tick up 0.4% as raw materials prices try and recover after the late-2008 collapse. The core rate is expected up 0.1%.
As noted earlier, bids are seen in the 1.2940/55 region with offers stacked up toward 1.3030.
