This is a bit of consolidation ahead of the major data that we get tomorrow. The forecast for the data is relatively optimistic, although that optimistic outlook does not seem to be played out in the markets.
More Quotes from Todd Elmer:
The Fed may become less comfortable offering guidance on the direction of interest rates. The market is going to watch to see if they remove 'measured.Todd Elmer
Markets had been going for a modest pullback. In that light, it is not surprising that we're seeing some dollar strength.
Todd Elmer
It's easier to name China a currency manipulator now that they have been singled out on an international stage. There is considerable scope for the yen to strengthen.
Todd Elmer
We're already seeing light liquidity, and the data wasn't much of a focus.
Todd Elmer
There has been a clear shift in ECB rhetoric and gears are shifting in favor of tighter policy.
Todd Elmer
You still have the potential for aggressive hikes by the Bank of Canada and you still have support from commodities prices.
Todd Elmer
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