Weekly US energy inventory and production data API data yesterday: – Oil -5170K – Gasoline -930K – Distillates +1800K – Cushing +195K Oil is lower on the headlines by about 40-cents. The draw was a bit larger than API but gasoline inventories showed a surprise build.
US weekly inventories and production due at the bottom of the hour Oil is having a nice day with WTI crude up $1.61 to $74.20. The consensus on oil is -2000K but the API report showed:
Benchmark revisions The BLS says the preliminary estimate of the non-farm payrolls revisions adds 43K jobs to the US. The revisions are for the period ending in March.
July existing home sales data The sluggishness in US housing this year has been the biggest economic surprise in my eyes. The NAR talks about a shortage of inventory and that’s mostly true but inventories were flat compared to last July.
Comments from Putin ForexLive
Major indices are trading near unchanged levels The US major stock indices are trading mixed in early trading. That is up from lower pre-opening levels.
Optimistic comment The big story today is from , who says the US may announce (by itself) that it’s cleared up some issues with Mexico on autos. Politico Mexico doesn’t want to do a photo op or announce anything until the rest of the details with Canada are worked out.
Looks like no love is lost Watch out for more tweets. Cohen’s lawyer this morning says he’s ‘happy’ to aid the Russia probe and that he has information regarding it. Also that he wouldn’t accept a pardon if Trump offered one.
Comments from USTR spokesman The peso was stronger today after reports that the US and Mexico have worked out their differences on autos but this comment reversed the move. The Canadian dollar also slumped.
Canadian retail sales data for June 2018 The Canadian economists nailed it but the revisions add a bit of strength and USD/CAD has ticked lower. Subsectors m/m: