It's an economic-data driven market right now. We saw that yesterday with some huge USD moves on the heels of the S&P Global services PMI miss.
Today's slate starts out with July durable goods orders at the bottom of the hour. The consensus is +0.6% on the headlines and +0.3% on non-defense capital goods orders ex air.
At 10 am ET, pending home sales are due. It's a lower-tier housing indicator but there's a focus on the area at the moment. The consensus is -4.0%.
With the volatility in oil, weekly US inventories will be a market mover. Yesterday's private data showed a huge 5.632m draw at the same time as a reported 8m barrel addition from the SPR. That's tough to square and oil is currently up $1.08.
For more, see the economic calendar.
