NATO sees progress on troop withdrawal from Ukraine

•      Dollar mixed in relatively trendless trading

–    Three Fed speakers give no direction:  one says they should be tightening already, one says he’s worried about tightening too early, the third expects tighten in 1H 2015

•      Commodity currencies weak, perhaps on analysis of China PMI

–    CAD hit by unexpected drop in retail sales in July

–    NZD hit by lower milk prices

•      NATO sees progress on troop withdrawal from Ukraine = RUB+?

–    Local media has talked about some sanctions being lifted later this month; would be positive for the RUB

•      Today:

–    Eurozone: Ifo survey:  all three indicators expected to decline. Could be EUR-negative

–    Sweden:  Economic tendency survey for September expected to be negative

–    US: new home sales expected to increase, but recent housing data has been weak

–    Speakers:  Kansas City Fed’s George speaks again, plus Cleveland Fed President Mester and Chicago Fed President Evans