Daily Forex Report - USD higher, US trade deficit narrows, exports rise

Posted by admin as Forex News

• USD: Higher, Bernanke says Fed to tighten when the economy improves sufficiently, trade deficit narrows
• JPY: Lower, Fed rate hike speculation, Japan’s core machinery orders rise
• EUR: Lower, German trade balance narrows as exports drop
• GBP: Lower, UK producer prices rise in September trade deficit narrows
• CAD and AUD: AUD & CAD higher, Canada posts an unexpected drop in unemployment

Overview     
USD rebounded versus European currencies and the JPY and traded weaker against the commodity currencies Friday. USD rebound was attributed to a statement from Fed Chairman Bernanke that the Fed will tighten monetary policy when the economy improves. Bernanke went on to say that accommodative policy will likely be needed for an extended period. One of the major reasons for the USD decline is low US interest rates and ultra-loose Fed policy. Bernanke’s comments put the trade on notice that the Fed is considering exit strategies and the eventual end of accommodation. The New York Times reports that the Fed is split over the timing and pace of tightening once the decision is made to hike rates. EUR was pressured by report of an unexpected drop in German exports. GBP traded lower despite report that September factory gate prices rose for the seventh month in a row. The CAD surged to one year high supported by report that Canada’s unemployment rate unexpectedly declined in September and Canada created 30k new jobs last month. The AUD traded higher supported by RBA rate hike speculation as RBA watcher Kevin Rudd says improvement in the Australian employment outlook could lead to 50bps rate hike in November. US August trade balance posted a modest improvement as exports rise to their highest level for 2009. USD rebound will likely be short-lived as threat of Fed tightening remains many months away and there is no indication that the US or G-7 nations are ready to intervene in support of the USD. USD also remains vulnerable to optimism about the global recovery.

Today’s US data:
US August trade balance narrowed to 30.7 bln, a reading of -32 bln was expected

Upcoming US data:
Next week’s US economic calendar includes the October 13th release of US September Treasury budget expected that 62.5 bln compared to 45.7 bln last month. On October 14th September retail sales will be released expected to fall by 1.4% compared to 2.7% rise last month. Ex. autos retail sales are expected to rise by 0.2%. August business inventories will also be released on October 14th expected at -0.8% compared to -1% last month along with September import prices expected at 0.2% compared to 2% last month. On October 15th September CPI will be released expected at 0.2% compared to 0.4% last month. Initial jobless claims for the week ending 10/13 will be released October 15th expected at -515k compared to -521k last week along with October Philly Fed survey expected at 12.5 compared to 14.1 last month. On October 16th September industrial production will be released expected at 0.2% compared to 0.8% last month along with September capacity utilization expected 69.8 compared to 69.6 last month and October University of Michigan consumer sentiment expected unchanged at 73.5.

JPY
JPY traded lower pressured by comments from Fed Chairman Bernanke which indicate that the Fed is considering when to tighten monetary policy and exit quantitative ease. There was little reaction to today’s report that Japan’s August core machinery orders rose 0.5% or to a statement from Japan’s Finance Minister Fujii that it will be up to the BOJ to decide when to ends its corporate funding program. JPY is trading near a nine month high versus the USD supported by speculation that Japanese officials will not intervene to try to weaken the JPY at current levels, rising US budget deficit and low US interest rates. USD has replaced the JPY as the global funding currency as it is now cheaper to borrow in the USD than in the JPY. This may partly explain why Japanese officials are reluctant to consider intervention because of the recognition that USD is pressured by weak fundamentals and intervening in this environment would likely be counterproductive. The most recent comments from Japan about the possibility of intervention were made by Japan’s Finance Minister Fujii Wednesday. Fujii said that the current JPY level was consistent with acceptable market activity and that JPY rally reflects weak USD and the impact of low US interest rates. Fujii went on to say that Japan is prepared to intervene if JPY moves become abnormal but it’s best to let the markets determine FX levels. Fujii’s comments were seen as a signal that Japanese officials are comfortable with JPY strength.

Next week’s Japanese economic calendar includes October 13th release of September money supply expected at 0.2% compared to 0.3% last month. On October 14th September corporate goods prices will be released expected to fall by 0.3% compared to a flat reading last month. BOJ policy meeting will be held on October 14th. On October 15th, revised August industrial output will be released expected at 1.8% compared to 2.1% in the original report.

Key technical levels to watch in USD/JPY include support at 88.01 the October 7th low with resistance at 90.13 the September 30th high.

EUR
EUR traded lower pressured by Bernanke’s comments indicating that the Fed is considering a timeframe for raising interest rates and in reaction to report an unexpected decline in German exports. Low US interest rates coupled with aggressive Fed measures to boost liquidity have contributed to weakening of the USD. The USD would be supported by a Fed rate hike but a Fed rate hike is unlikely before mid-2010. USD will find limited support from Bernanke’s comments. In addition, the ECB and other major central banks will also be considering the timing for their exit strategies. The European press Thursday talked about the possibility of a coordinated tightening of monetary policy from the major G-7 nations. ECB President Trichet made comments similar to Bernanke’s. Trichet said that liquidity measures will need to be phased out as the economy recovers. Trichet’s comments may fuel speculation about ECB rate hikes. ECB elected to hold rate policy steady at Thursday’s policy meeting and gave no indication that the ECB is in any hurry to raise interest rates. The German trade balance narrowed to 8.1 mln from 14.1 mln last month. The narrowing of the trade balance reflects an unexpected drop in exports along with a 1.1% rise in imports. The German trade data suggests that the EU economic recovery remains uncertain.

Next week’s EU economic calendar includes the October 13th release of German October Zew index expected at -72 compared to -74 last month. On October 14th August industrial production will be released expected at 0.1% compared to -0.3% last month. September HICP will be released expected at 0.4% compared to 0.3% last month. On October 16th August trade balance will be released expected at 13.2 bln compared to 12.3 bln last month.

The technical outlook for the EUR has improved as EUR trades back above 1.4700. Expect EUR support at 1.4650 with resistance at 1.4804 the September 24th high.

GBP
GBP traded lower despite report of improvement in UK factory prices. GBP decline was attributed to speculation that today’s comments by Bernanke that the Fed is thinking about the timing of an exit strategy from accommodative policy may be a sign that the Fed is considering moving up its timetable for a possible Fed rate hike. UK producer prices rose 0.4% in September, the trade was looking for 0.1% decline. The rise in UK producer prices is another indication that the BOE’s quantitative ease is having impact on UK inflation outlook. UK August trade balance narrowed to 6.24 bln. UK trade balance was at its narrowest level since 2006. The narrowing of the trade balance reflected a drop in imports and exports. Thursday the BOE elected to keep monetary policy unchanged and maintain its current level of asset purchases at £175 bln. The BOE indicated that it will take another month to complete its current asset purchase program and that the scale of quantitative ease will be kept under review. This means that the November BOE meeting will be critical in determining whether the BOE will expand quantitative ease. Expansion of quantitative ease will largely depend on upcoming UK economic and inflation data. The minutes for today’s BOE policy meeting will be published on October 21st. The minutes will be analyzed for clues to what the BOE board members are thinking about the possibility of expanding quantitative ease in November.

Next week’s UK economic calendar includes the October 13th release of September RPI expected unchanged at 0.5%. On October 14th August unemployment will be released expected unchanged at 7.9% with the claimant count at 17k and average earnings at 1.7%.

The technical outlook for GBP is mixed as GBP fails to hold above 1.6000. Expect near-term support at 1.5858 the October 7th low with resistance at 1.6127 the September 30th high.

CAD
CAD traded one-year high versus USD supported by report of an unexpected decline in Canada’s employment rate and a sharp improvement in new jobs creation. Canada’s September unemployment rate declined by 0.3% to 8.4% with 30k new jobs created. The decline in Canada’s unemployment rate suggests that the Canadian economy is recovering. The 30k new jobs creation would be the equivalent of 300k in the US. The improvement in Canada’s unemployment rate follows this week’s release of better than expected manufacturing data and dovetails the improvement in Australian jobs growth. Canada’s September Ivey PMI rose to 61.7 from 55.7 last month.  CAD is supported by optimism about the global recovery and a rally to a new record high in the price of gold. Today’s Canadian employment report may spark speculation that the BOC will drop its pledge to maintain interest rates at a record low 0.25% through mid 2010. The RBA hiked this week and the New York Times reports that the Fed is debating an exit strategy. BOC rate hike speculation could propel the CAD to parity.

Next week’s Canadian economic calendar includes the October 13th release of August New House Price index. On October 15th August manufacturing shipments will be released.

The technical outlook for CAD is positive as USD/CAD trades below 1.0500. Look for near-term support at 1.0335 the September 29th 2008 low with resistance at 1.0715 the October 6th high.

AUD
AUD traded at fresh 14 month high supported by report that RBA watcher Kevin Rudd said the improvement in Australian employment could lead to 50 bps rate hike in November. Thursday, Australia reported an unexpected decline in its unemployment rate. Australia’s September unemployment rate declined by 0.1% to 5.7% and Australia created 40.6k in new jobs. The trade had expected a rise in Australia’s unemployment rate to 5.9% and 10k loss of jobs. The surprise improvement in Australia’s employment rate will fuel speculation that the RBA could elect to make additional rate hikes in November in response to the strengthening of the Australian domestic economy. Tuesday, the RBA raised interest rates 25 bps to 3.25% and signaled that more rate hikes may be needed. In the policy statement accompanying the RBA rate decision the RBA said that they see the global economy resuming growth that China’s growth is strong and that inflation was likely to move close to target. The RBA rate hike contributes to optimism about the global recovery. AUD will remain well supported on breaks by RBA rate hike speculation with a number of analysts now looking for AUD to reach parity with the USD in the months ahead.

The technical outlook for the AUD is positive as AUD rallies above 9000. Expect AUD support at 8924 the October 8th low with resistance at 9200.

US Morning Notes - USD rebounds, Fed to tighten when economy improves

Posted by admin as Forex News

FX Highlights

• The USD is trading higher versus Europe and the JPY supported by a statement from Fed Chairman Bernanke that the Fed is ready to tighten monetary policy once the economy improves, GBP lower despite improvement in UK producer prices, EUR pressured by report of an unexpected decline in German exports, commodity currencies remain firm, CAD supported by report of new jobs growth in Canada and an unexpected drop in the Canadian unemployment rate, AUD supported by RBA rate hike speculation
• Focus turns to today’s release of US trade balance
• Canada created 30k in new jobs last month and the unemployment rate fell 0.3% to 8.4%, CAD at one year high
• Japan’s finance minister says it’s up to the BOJ to decide when to end its corporate funding program, Japan’s August core machinery orders rise 0.5%, JPY lower
• RBA watcher Kevin Rudd says improvement in Australian employment could lead to a 50bps rate hike in November, AUD higher
• UK factory gate prices rise 0.4%, GBP lower
• German trade surplus narrowed to 8.1 bln from 14.1 bln last month as exports unexpectedly decline, EUR lower
• China will continue with fiscal stimulus plans because China’s recovery is not yet on solid footing
• US same store sales posted their first gain in 14 months rising 0.6% in September compared to a 1.1% decline last month
• US 30 yr fixed mortgage rates decline to near record low at 4.87%
• Economist Roubini says there is less than a 25% chance of anther sharp contraction in the global economy
• Fed’s Lacker says he sees recovery that losses from commercial real estate and construction will be a drag on the recovery, but now is not the time to raise rates
• Congress may extend the 8k tax credit for first time home buyers
• WSJ reports that US unemployment will likely top 10% in winter and is unlikely to fall back to 6% before 2013
• Fund manager Jim Rogers sees a bubble being created in the bond market
• US equity markets set to open lower, European equities flat, Nikkei closed 184 points higher

Upcoming Events

• US - Friday, August trade balance will be released expected a -32 bln compared to -31.92 bln last month
• CAN - Friday, September unemployment will be released expected to rise 0.1% to 8.8% with employment growth expected at 5k (already released)

Chart Of The Day: USD/CAD

Posted by admin as Daily forex analysis

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Posted by admin as Daily forex analysis

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USD/JPY Pops Amid Broad-Based Dollar Strength

Posted by admin as Daily forex analysis

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$ Waves Goodbye To Support

Posted by admin as Daily forex analysis

The U.S. dollar was higher against the majors during the Asia session, when the China advanced for almost 5%, Nikkei for less than 2% while HSI finished the session around the zero. The main reason for China gains was in the U.S. stock market rally that has started already on…

EU Morning Report – USD gains the most in two month!

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The USD gained versus the JPY for the first time in five days after Fed chairman Bernanke signaled tighter rates is coming on improved economic outlook.

• The USDJPY rose above 89.20 from as low as 88.00 after Bernanke said the Fed is ready to tighten monetary policy once the economy improves.  Bernanke warned that the US Federal Reserve must continue to prop up the economy for an extended period by cannot do so indefinitely for fear of triggering an inflationary surge.  The yen dropped against all its major counterparts after Japan’s machinery orders gained less than expected, adding to signs its recovery will trail that of other economies.
• Last week’s worse-than expected NFP report dented confidence in the economic recovery.  However, yesterday’s data encouraged optimism as it showed gains in retails sales and a nine-month low in unemployment claims.  Initial jobless claims fell to 521,000 by the 3^rd of October from 544,000 in September reaching the lowest level since the beginning of the year.
• The European Central Bank on Thursday cautioned against hopes of a speedy economic recovery in the 16-nation euro zone as it left benchmark interest rates at a record low 1% on Thursday for the fifth month in a row.  Trichet reiterated the Group of Seven’s statement on currencies stating that excess volatility and disorderly movements in exchange rates have adverse implications for economic and financial stability.  On a more positive note, Trichet said that the region’s economy is emerging from a period of ‘free fall’ and that there are increasing signs of normalization.
• Gold declines after a five-day rally that took the yellow metal to a fresh historical high of 1062.70 as the USD plummeted.  The commodity retreats to 45 in Asia today but analysts believe the correction will be short-lived.  Crude oil rallied to an intra-day high at .55 a barrel after a US report showed initial jobless claims dropped.  Today crude oil retreats back towards the a barrel as the USD rebounds following Bernanke’s shift to a hawkish tone in terms of the timing of an exit strategy.

Currency to watch out for: EURUSD & USDJPY

• The EURUSD pivot point is at 1.4790 with a preference to enter into short positions at 1.4780
• The USDJPY pivot point is at 88.70 with a preference to enter into long positions at 88.75

Today’s calendar and market movers:

• UK PPI Output expected to drop to 0.1%
• Canada Employment Change expected to drop to 5,000
• US International Trade expected to drop to -33 billion dollars

Stocks:

• US stocks closed higher Thursday with the Dow +0.63%, the S&P +0.75% and the NASDAQ +0.64%.
• As of 06:15 GMT the Nikkei is trading at 1.87% and the Hang Seng at 0.17%

Daily Forex Report - USD extends losses as jobless claims decline

Posted by admin as Forex News

• USD: Lower, jobless claims fall to lowest level since January, stocks rise in reaction to Alcoa’s earnings
• JPY: Higher, no sign yet of MOF intervention, current account surplus widens less than expected
• EUR: Higher, ECB unchanged, German industrial production rises
• GBP: Higher, BOE unchanged, maintains current level of QE
• CAD and AUD: AUD & CAD higher, Australia unemployment rate unexpectedly drops

  Overview     
  USD traded lower Thursday as the AUD rallies to a fresh 14 month high in reaction to report of an unexpected decline in Australia’s unemployment rate. The USD was also pressured by sharp gains in the US equity market sparked by report of better than expected earnings forecast from Alcoa. The rally in US equities contributes to improving risk appetite and optimism about the US and global recovery. The ECB and BOE left monetary policy unchanged as expected. International concern about the decline of the USD is growing. Tuesday the UN repeated its call to create a new reserve currency to replace the USD. It was reported that central banks in South Korea, Taiwan, Philippines and Thailand were intervening to try to limit today’s USD decline. And, the Financial Times reports that President Obama is under fire over the decline of the USD. US jobless claims declined more than expected falling to the lowest level since January. Continuing claims were also sharply lower. USD remained on the defensive after the jobless claims report. The data raises hope that the US economy is recovering. USD experienced a modest and temporary recovery versus the EUR in reaction to comments from ECB President Trichet that US support for strong USD is important and there is no campaign for EUR to become a reserve currency. The USD is likely to continue to weaken unless there is a credible threat of coordinated intervention or the Fed signals the potential for a rate hike.

  Today’s US data:
  Jobless claims for the week ending 10/30 declined by 33k to 521k, a reading of -545k was expected. Wholesale inventories for October declined by 1.3%.

  Upcoming US data:
  On October 9th August trade balance will be released expected at -32 bln compared to -31.92 bln last month.

  JPY
  JPY traded higher supported by broad USD weakness and indication that Japanese officials are unlikely to intervene at the current level. The most recent comments from Japan about the possibility of intervention were made by Japan’s Finance Minister Fujii Wednesday. Fujii said that the current JPY level was consistent with acceptable market activity and that JPY rally reflects weak USD and the impact of low US interest rates. Fujii went on to say that Japan is prepared to intervene if JPY moves become abnormal but it’s best to let the markets determine FX levels. Fujii’s comments were seen as a signal that Japanese officials are comfortable with JPY strength. In addition the IMF says that JPY strength reflects fundamentals. The trade is likely to continue to test how far Japan is willing to allow the JPY to rise with the key question, what does Japan consider as abnormal price movement for the JPY. We suspect that the risk of intervention from Japan will remain low unless the pace of the JPY rally accelerates. Rumors continue to circulate that the MOF may be bidding for USD/JPY around 8800. JPY gains were limited by report of a smaller than expected August current account surplus. Japan’s August current account surplus rose 10.4% to ¥1.17 trln, market consensus was for a rise of 12.7% to ¥1.96 trln. Exports were reported down 37.1% and imports declined by 42.8%. The continued weakness in Japan’s export sales may intensify concern about the impact of the JPY rise on exports and increase pressure on the new Japanese government to take action to slow the rate of the JPY rally. The MOF released a study which concluded that the impact of strong JPY was limited for Japanese companies’ earnings.

  On October 9th August machinery orders will be released expected at 3.2% compared to -9.3% last month.

  Key technical levels to watch in USD/JPY include support at 88.01 the October 7th low with resistance at 90.13 the September 30th high.

  

  EUR
  EUR traded higher supported by report of better than expected German industrial production and the ECB decision to leave monetary policy unchanged. German August industrial production rose by 1.7%. The rise in German production is an indication that the EU economy continues to improve. The ECB left monetary policy unchanged as expected. In the press conference following the ECB rate decision ECB President Trichet said that interest rates are appropriate and that it’s too early to draw conclusions about its bank auctions. His comments suggest that it’s too soon to consider an exit strategy from the ECB’s unconventional policy measures. Earlier this year the ECB extended its auctions from six months to 12 months for bank loans.  Recent demands for loans at the auctions have been weak. The ECB essentially is allowing banks to borrow below its 1% overnight rate. Last week the EU banks took €75 bln loans from the ECB and a total of €400 in June. This is an indication that the ECB is not getting a big increase of liquidity from its bank auctions.  Trichet says there is no campaign for international use of the EUR. Trichet repeated his call for a strong dollar. ECB officials have become increasingly concerned about weak USD. The EUR declined from day’s highs after Trichet’s comments about strong USD and EUR reserve status.

  German August trade balance will be released on October 9th expected at 12.8 bln compared to 12.4 bln Last month.

  The technical outlook for the EUR has improved as EUR trades back above 1.4700. Expect EUR support at 1.4650 with resistance at 1.4804 the September 24th high.

  

  GBP
  GBP traded higher as the BOE elects to keep monetary policy unchanged and maintain its current level of asset purchases at £175 bln. The BOE indicated that it will take another month to complete its current asset purchase program and that the scale of quantitative ease will be kept under review. This means that the November BOE meeting will be critical in determining whether the BOE will expand quantitative ease. Prior to the November meeting the BOE will receive updated inflation data and this will help the central bank evaluate the impact of quantitative ease. At the August BOE policy meeting three members of the policy board including BOE Governor King voted for an additional increase in the asset purchase program of £25 bln. At the September BOE policy meeting the vote was unanimous to maintain the current level of asset purchases. There remains an outside chance that the BOE will decide to expand quantitative ease by £25 bln to £200 bln at the November policy meeting. Expansion of quantitative ease will largely depend on upcoming UK economic and inflation data. The minutes for today’s BOE policy meeting will be published on October 21st. The minutes will be analyzed for clues to what the BOE board members are thinking about the possibility of expanding quantitative ease in November. GBP was supported by BOE’s decision to maintain current level of its remuneration rate it pays on commercial bank assets at 0.5%. Focus turns to Friday’s release of UK PPI and trade balance.

  On October 9th September PPI will be released expected flat compared to 0.2% last month. August trade balance will also be released on October 9 expected at -6.234 bln compared to-6.479 bln last month.

  The technical outlook for GBP has improved as GBP trades above 1.6000. Expect near-term support at 1.5858 the October 7th low with resistance at 1.6127 the September 30th high.

  

  CAD
  CAD traded higher supported by improving risk sentiment and the record rise in the price of gold. Canada’s September housing starts rose by 150.1k. Canadian housing starts report was close to market expectation and had limited impact on the CAD trade. CAD is trading at one year high supported by optimism about the global recovery and a rally to a new record high in the price of gold. Tuesday’s surprise RBA rate hike contributes to in today’s report of an unexpected drop in Australia’s unemployment rate fuels optimism about the global recovery. Gold traded above 50 an ounce reflecting weak USD. Tuesday, Canada reported a sharp improvement and manufacturing PMI and a modest rise in August building permits. Canada’s September Ivey PMI rose to 61.7 from 55.7 last month, a reading of   Canada’s August building permits rise 7.2%, the trade was looking for an 8% rise. These reports contribute to optimism about the Canadian economic recovery. Focus turns to Friday’s release of Canadian unemployment and trade balance.

  On October 9th September unemployment will be released expected to rise 0.1% to 8.8% to fund growth at 5k compared to 27k last month along with August trade balance expected at -0.95 bln compared to -0.750 bln last month.

  The technical outlook for CAD is positive as USD/CAD trades below 1.0600. Look for near-term support at 1.0335 the September 29th 2008 low with resistance at 1.0715 the October 6th high.

  

  AUD
  AUD traded at fresh 14 month high supported by report of unexpected decline in Australia’s unemployment rate and a record rise in the price of gold. Australia’s September unemployment rate declined by 0.1% to 5.7% and Australia created 40.6k in new jobs. The trade had expected a rise in Australia’s unemployment rate to 5.9% and 10k loss of jobs. The surprise improvement in Australia’s employment rate will fuel speculation that the RBA could elect to make additional rate hikes in November in response to the strengthening of the Australian domestic economy. Tuesday, the RBA raised interest rates 25 bps to 3.25% and signaled that more rate hikes may be needed. In the policy statement accompanying the RBA rate decision the RBA said that they see the global economy resuming growth that China’s growth is strong and that inflation was likely to move close to target. The RBA rate hike contributes to optimism about the global recovery. AUD will remain well supported on breaks by RBA rate hike speculation with a number of analysts now looking for AUD to reach parity with the USD in the months ahead.

  The technical outlook for the AUD is positive as AUD rallies above 9000. Expect AUD support at 8924 the October 8th low with resistance at 9075 the August 8th high and 9200.

  

   

US Morning Notes - USD lower, AUD a 14 month high as unemployment falls

Posted by admin as Forex News

FX Highlights

• The USD is trading lower as unemployment falls in Australia and AUD surges, gold trades at a fresh record high and US equities are set to open sharply higher supported by better than expected earnings outlook from Alcoa, the rally in US equities contributes to improving risk appetite, the Financial Times reports that President Obama is under fire over the declining USD, central banks in South Korea, Taiwan Philippines and Thailand were reported intervening to try to limit the USD decline, BOE and ECB hold rate policy unchanged
• Focus turns to today’s release of US jobless claims and wholesale sales and inventories, Canada’s housing starts and the ECB press conference
• Japan’s current account surplus rises 10.4% y/y, analysts at Nomura said that Japan will not intervene at current levels but this could change, JPY higher
• Australia’s September employment rate falls 0.1% to 5.7%, 40.6k new jobs created, AUD at fresh 14 month high
• German August industrial production rises 1.7%, ECB unchanged, EUR higher
• BOE holds monetary policy unchanged and maintains the current level of asset purchases, scale of quantitative ease to be kept under review, GBP higher
• US consumer credit declines by 12 bln, consumer credit is at its lowest level since July 2007
• Proposed US healthcare bill to cost 829 bln over the next 10 years and the OMB says the bill would reduce the US budget deficit by more than bln
• U.S. Congress has yet to pass legislation to extend unemployment benefits, benefits for 400K unemployed ran out at the end of September
• US equity markets set to open higher, European equities 1% higher, Nikkei closed 37 points higher

Upcoming Events

• US - Thursday, initial jobless claims for week ending 10/03 will be released expected at 540k compared to 551k last week along with August wholesale sales and inventories expected at 0.7% and -1% respectively
• CAN - Thursday, September Housing starts will be released expected at 148k compared to 150.4k last month