It might take more than a nudge
The stock market is moving at least with the Nasdaq down -66 points and the S&P index down -27 points. The Dow is down over 22 points. Priceline is down $136 or nearly 10%. That is a big dollar and percentage move for one day.
In the debt market, the 2 year notes are down less than a basis point. 10 year bonds are up 2 basis points to 2.35%. Oil is down to $3.97 or down -0.77%. Gold is about $2 but off the highs.
In the forex market, the EURUSD has traded in a 14 pip range over the last 3 hours. The GBPUSD in a 16 pip range. The USDJPY in a 21 pip trading range over that time period. ZZZZZZ!
In the new day, the following has a chance to kick start trading once again:
- Japan Current account is expected to show a 1.5T surplus vs. 1.59T last month
- Australia NAB business confidence came in at 5 last. There is no estimate this month
- China CPI is expected to fall to 1.5% YoY from 1.6%. Trade data out of China was released over the weekend and was not so hot
- Swiss unemployment is expected to remain unchanged at 3.4%
- France and Italian industrial production is expected to rise by 0.1% and 0.5% respectively
- NFIB small business indice in the US is expected to rise to 96.4 from 961.
Other key events
- FOMC Evans will speak
- The ECOFIN meeting of finance ministers will be held for EU members
HMMM. There may not be the shove we need from that set of data and events.
Anything else to look forward to this week?
Wednesday is Veterans Day with US stock and bond markets closed. In Europe on Wednesday, the:
- UK will release jobs data with an eye on average earnings (3.2% from 3.0% last month).
- ECB Draghi speaks at 8:15 AM ET, 1315 GMT in the UK. Draghi will also testifies in Brussels on Thursday. So there is room for his latest thoughts on further monetary expansion. Today there was talks of additional easing once again.
- Wednesday evening in NY/Thursday morning in Australia, Employment statistics will be released.
On Thursday:
- Chair Yellen will also speak on Thursday at a conference. The topic: "Monetary policy implementation in the post crisis period" . I am sure their will be an opportunity to get the chairs latest views post the US employment data at that time. Traders will be looking for more definitive clues from the chair.
- FOMC's Evans, Dudley and Fischer are all scheduled to speak. In the UK MPC Haldane is scheduled to speak.
Finally, on Friday,
- GDP out of France, Germany and EU will be released and
- In the US, Retail Sales and PPI will be released.
There is some things to look forward to at least with central bank speakers providing the best opportunity for activity. The negative is that Wednesday is a US holiday and being in the middle of the week, it can make liquidity conditions limited at times.