It's August and central bankers are on vacation. Combine that with a thin economic calendar and there isn't much to move markets today. Further, tomorrow's CPI report is a big one and today's trade will be all about positioning ahead of that.
The lone item on the agenda today is the US Q2 productivity and unit labor costs report. Costs are expected up 9.5% with productivity set to fall 4.7%.
You can see these numbers are an inflation proxy but they're notoriously difficult to measure and with real inflation data coming tomorrow, I can't see how they would be tradeable.
