•
Weak China, US data cause doubts about FOMC,
USD falls
– Chinese
data came in substantially below expectations
– US
industrial production unexpectedly fell, offsetting strong Empire State survey
– OECD
downgrades its growth forecasts
– Signs of
weakening growth raise questions about what FOMC will do Wednesday:
• Will the
discontinue the calendar-based guidance from their statement (“considerable
period”)
• Will they
revise up their forecasts for growth and the Fed funds rate?
• What will
Yellen say in the press conference afterwards?
•
RBA minutes contain no new info about AUD
•
Today:
– Eurozone: German
ZEW survey expected to be lower; EUR-negative
– UK:
CPI rise expected to slow; GBP-negative (but may be ignored as market focuses
on Scotland)
– US: PPI for
August
– Canada:
manufacturing sales for July; speech by BoC Gov. Poloz on FX and
the economy
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