Waiting on the ECB

by Chuck Butler
Daily Pfennig

Good Day. And welcome to Thursday morning. As Chuck mentioned yesterday, he will be out on vacation until August 1st so it’s going to be another collaborative effort until his return. We don’t have the customary intro from Frank this morning, so today’s Pfennig is going to be a little shorter than normal. With that said, let’s jump right into it.

Except for precious metals, yesterday turned out to be a fairly quiet day in the neighborhood as the only US data released was the weekly mortgage application report. With nothing out there really moving the markets, the ping pong game involving the Fed’s rate path took center stage and the ball was lobbed over to the hike side of the table for the time being. We’ll have more data on tap this morning, but nothing that holds a ton of weight. Since it’s Thursday, we’ll get the weekly jobless numbers and then we’ll also see the June existing home sales and leading indicators. Tomorrow will be another quiet one as we only have the Markit manufacturing index.

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