The market is sending mixed signals at the moment. The US dollar is lower but stock market futures are down 0.8%. Yields are down again and that explains some of the USD weakness but not against NZD, for instance, which has recouped all of yesterday's decline.
Any time there's volatility, economic data takes on extra importance.
Today the numbers are stacked up at the bottom of the hour with:
- initial jobless claims
- Philly Fed manufacturing (shown above)
- Canadian PPI
- Canadian new house price index
At 10 am, the US existing home sales report is out.
In the macro view, I don't see much to get excited about but be on guard.
