OptionEye Macro Outlook August 29th
Well, it it's not one thing or another. Today we have a holiday in England so that could put a damper on things. After all that is the banking center of the world.
Overnight the grain market sees corn steady easier, beans down 3 to 4 and wheat down 5 to 7. Not a good start to the day at all. The dollar is stronger which isn't helping. Friday we saw a strong rally after the Fischer comments and today it is stronger again. This morning the dollar trades at 95.67 up .10.
The Yellen comments at Jackson Hole are still be debated. Goldman Sachs says they were hawkish while PIMCO believes there was nothing new to be learned. We shall see.
The 10 year yield is trading at 1.61% after rallying to 1.63% on Friday.
Stocks look to open quiet with London being on a bank holiday. The S&P future is steady to a tad better and the Dow future is unchanged.
The oil market is lower again today at $47.01 down .63 cents. Gold is steady easier at $1320.56 down .66.
Today we get Personal Income, Personal Spending, PCE and the Dallas Fed. Manufacturing Activity Index.