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Stronger Start on Iran News, Stronger Data Taken in Stride
Stronger Start on Iran News, Stronger Data Taken in Stride
Bonds opened the trading session in much stronger territory, following the drop in oil prices associated with another round of de-escalation hopes in the Iran war. The root cause was the cancellation of planned air strikes as well as comments that suggested a reopening of negotiations. As has been the case, markets don't really care if there's much substance or probability. It gets traded moderately and instantly simply due to possibility. Bonds were at their best levels just before 8am and had lost a bit of the rally by 10am. At that point, stronger ISM Services data momentarily threatened to extend the correction, but there was less than 20 seconds of selling before yields moved back below pre-data levels.
Esoteric Forex Drama Blasts Bonds, Maybe
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Monday, Aug 03 | |||||
| 9:45AM | Jul S&P Global Manuf. PMI | Jul | 53.9 | 53.8 | 53.9 |
| 10:00AM | Jul ISM Mfg Prices Paid | Jul | 71.1 | 70.3 | 73.0 |
| 10:00AM | Jul ISM Manufacturing PMI | Jul | 55.6 | 54 | 53.3 |
| 10:00AM | Jul ISM Manufacturing Employment | Jul | 52.8 | 49.7 | |
| 10:00AM | Jun Construction spending (%) | Jun | -0.1% | 0.2% | 0.1% |
| 2:00PM | Jul Total Vehicle Sales (ml) | Jul | 16.3M | 16.5M | |
| 2:00PM | Loan Officer Survey | ||||
| Tuesday, Aug 04 | |||||
| 8:30AM | Jun Trade Gap (bl) | Jun | $-73.0B | $-77.6B | |
| 9:20AM | NY Fed Bill Purchases 1 to 4 months (%) | $5.179 billion | |||
| 10:00AM | Jun JOLTs Job Quits (ml) | Jun | 3.065M | ||
| 10:00AM | Aug IBD economic optimism | Aug | 47.5 | 45.5 | |
| 10:00AM | Jun Factory orders mm (%) | Jun | 0.2% | -1.3% | |
| 10:00AM | Jun USA JOLTS Job Openings (ml) | Jun | 7.45M | 7.594M | |
| 11:30AM | 6-Week Bill Auction (%) | 3.700% | |||
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