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The Day Ahead

Good morning, on this the 47th day of 2005. Geopolitical concerns are reasserting themselves on trader’s psyche’s this morning as rumours of a missile blast near a power plant within Iran circulate, driving pre-market futures down (30 points on YM) initially although markets have made up most of the lost ground since.

Crude futures spiked somewhat immediately following the initial news report, but what’s more interesting is the long term crude chart:

Whether events are as initially reported or not, the recent assassination in Lebanon and the building tension between other nations and Syria and Iran is bound to weigh in on markets now or in the days to come.

In other news, Housing Starts hit a 21 year high in January1, and consistently high permit activity combined with weather related delays in some regions suggest next month will also report brisk activity.

Fed Chairman Alan Greenspan will appear before the Senate Banking committee today and tomorrow, delivering the semi-annual Federal Reserve report on monetary policy. US Dollar (and Gold) watchers will be particularly interested in what Mr. Greenspan has to say.


US Dollar Index – the pull back of the past week is getting closer and closer to reversing the up trend on the daily chart which started following a retest of bottom early in the new year.

US Market Calendar

  • 8:30 am: Housing Starts – Jan.
  • 8:30 am: Building Permits – Jan.
  • 9:15 am: Industrial Production – Jan.
  • 9:15 am: Capacity Utilization – Jan.
  • 10:00 am : Federal Reserve Chairman Alan Greenspan to give semiannual monetary policy testimony to the Senate Banking Committee
  • 10:00 am: Treasury Secretary John Snow to speak about tax reform
  • 10:30 am: EIA Weekly Petroleum Status Report

Canadian Market Calendar

  • 5-year bond auction

Earnings and the Federal Reserve

For earnings highlights, please see today's WSJ Earnings Calendar.

For a list of upcoming speeches, congressional testimony, Federal Open Market Committee material, and statistical releases, please visit the What's Next page of The Federal Reserve Board website. Recently released Federal Reserve Board material, including market moving FOMC decisions and speeches by members, will be found on their What's New page.

1 Economic Report Housing starts rise to 21-year high

05.02.16 08:35 #