OptionEye Macro Outlook August 18th
Still the dog days of summer.
Overnight grains back off a bit. Corn is steady to a bit easier, beans are 9 to 11 lower and wheat is 2 lower. The dollar is also easier today, well under the 95 level at 94.35, down .35. This is usually a reason for grains to rally but lack of buying interest has the bulls on the ropes.
Stocks will be a little lower on the open as well with the S&P future lower by 2 and the Dow future is lower by 7 points. All signs pointing to a quiet day - even after the non event announcement of no rate hike.
The 10 year yield also not reacting to the news and trades at 1.54% this morning - totally unaffected.
Crude oil is up a bit at $47.03 up .24 cents and gold is also steady better at $1350.79 up $2.04.
Today we get Initial Jobless Claims, Continuing Claims, the Philadelphia Fed Business Outlook, the Bloomberg Consumer Comfort Index and the Leading Index.