daily agenda for practice

Not a big day today with a succession of holidays in the US and in the UK and Germany. Data wise with US back tonight we have new data coming out.

Of interest will be the durable goods data, which measures how manufacturers are doing in terms of orders. We have the services sectors pmi coming out, which anything above 50 means services are expanding. This data should impress and offset durable goods data as it is natural for developed economies to shift away from manufacturing towards services. Finally, housing data will come out, which is neither here nor there due to the threat of the destruction of rate rises. Christine Lagarde famously said it best..."there is a tsunami coming and the Americans are on the beach deciding what colour speedos to wear". Literally, as consumer confidence figures are out today and are expected to be strong. Fisher delivers a speech emphacizing the key data and his dovish beliefs further propping up credit and consumerism but we wont know the extent of damage until rates rise.

A day for treading water in the precious metals sector, which Fishers speech having final say. Although discouraging Russian gdp data out yesterday renewing the Russian motivation for holding gold. A 3% contraction of gdp has that effect despite that contraction having a negative impact on jewellery sales, further emphacizing a sideways movement.