Today's Economic Data Docket - Two Circular Indicators: Consumer Sentiment And Leading Indicators
Today we get two very circular resonance amplifiers in the form of Consumer Sentiment and the Index of Leading Indicators. When markets go up, these go up, pushing the market higher. When the market goes down, these go down, and push the market lower. In other words, the only relevant thing, correlating at 1.000 and leading the market, will once again be the EURUSD which is the only chart one needs these days, while one can trace the critical fate of Greek bank deposits by looking at the EURCHF.
10:00 (9:55 to subscribers): Reuters/University of Michigan consumer sentiment (June Prelim): Stable? Forecasters are looking for this index to remain about unchanged at 74.0 after increasing in May. In the May survey, the measure of 5-10yr inflation expectations was 2.9%--close to its average over the last ten years.
Median forecast (of 67): 74.0; last 74.3 (May final).
10:00: Index of leading indicators (May): Based on available components, the index of leading economic indicators looks likely to have increased by about 0.3% (mom) in May. We see positive contributions from higher consumer sentiment, lower jobless claims and the steep slope of the yield curve. These should be partially offset by a drag from the decline in the ISM vendor performance index.
Median forecast (of 51): +0.3%; last -0.3%.
11:00:$4-5 Billion POMO targetting 06/30/2015 - 11/30/2016. After this there are just 8 more days of open market monetizations.