Charting US & Eurozone Data Misses
Economic data was a minor factor in trading in Thursday's trade. PPI was up 6.2% compared to 5.8% y/y expected but there was a small 'sell the fact' trade in the dollar afterwards. At the same time, weekly jobless claims also slipped to 473K from 498K as that series continues to improve.
Oil was the mover on the day, falling 3.5% to the lows of the week. The loonie struggled and some light jawboning from BOC governor Macklem may have helped that along.
The surprise on the day was the bond market. There was a soft 30-year Treasury auction but it did little to halt the bid, which has been relentless despite higher inflation. The bond market is most-sensitive to rising inflation risks but isn't screaming in the same way that some commentators are but that could change.Looking ahead, the consumer comes at 1400 GMT with the UMich consumer sentiment report. It's forecast to tick up to 90.2 from 88.3 but there will also be a focus on inflation expectations. The one-year metric is forecast to climb to 3.5% from 3.4%.
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