Enis’s Macro Wrap – Busy Week Ahead

by Enis July 30, 2012 7:42 am • Commentary

Overnight price action was relatively subdued after the fireworks on Thursday and Friday sent markets shooting higher:

  • SPX futures traded in an overnight range of 5 points on low volume, trading down about 0.1% at 7:30 am EST
  • Asia and Europe caught up to the afternoon rally in the U.S., with most markets trading 0.5 – 2% higher, with the notable EXCEPTION of the Shanghai index, which closed down almost 1%, at 3.5 year lows
  • The dollar was flat to higher vs. most currencies, with the Euro showing the most weakness (down 0.5%)
  • Treasury bonds were close to flat overnight.  Italian yields moved higher while Spanish yields moved lower
  • Commodities were mostly flat with the exception of grains, which are up 2-3%


Very active week this week.  The key events start on Wednesday:

Wednesday:  FOMC release (no press conference).  Also get global manufacturing PMI’s and U.S. manufacturing ISM in the morning

Thursday:  ECB meeting and Bank of England meeting.  All eyes on the ECB after Draghi’s comments last week

Friday:  U.S. Non-Farm Payrolls Release.  Also get U.S. non-manufacturing ISM release