We are witnessing a tiny bounce in early NY dealings. The pessimism in Asia and Europe has been overwhelming so perhaps a bit of good old fashion US optimism might pull us out of this slump. This was the case yesterday until the late sell-off in stocks with the finger pointed firmly in the direction of hedge funds as the culprits. Whether we get another speculative attack today remains to be seen. EUR/USD is up 30 pips off its low, GBP/USD up 64 pips from its low, AUD/USD is up 40 points from its low – nothing to get excited about but at least you could classify that as a bounce.
Releases in NY today we see the S&P/Case Shiller index slated for release at 1400GMT whilst Consumer Confidence is due out at 1500GMT. I wouldn’t expect either piece of data to be market moving in the current environment.