PPI and UMich consumer sentiment highlight the agenda today

Read full post at forexlive.com

Happy
Friday.

The
Fed
calendar
is
bare
today
but
we
will
get
a
couple
of
notable
releases:

• 8:30
  am
  ET
  PPI
• 10
  am
  ET
  Umich
  prelim
  consumer
  sentiment

I
can’t
see
PPI
being
a
market
mover
but
a
hot
reading
would
at
least
stall
the
momentum
that
has
Fed
funds
pricing
in
61
bps
of
easing
by
year
end.

UMich
is
a
poorly-built
economic
indicator
but
there
is
a
growing
focus
on
the
consumer
right
now
so
the
market
could
run
with
a
miss
in
either
direction
from
the
68.5
consensus.
The
inflation
expectations
number
will
also
be
notable.

For
Canada,
May
building
permits
at
8:30
am
ET
are
expected
to
fall
5.9%
after
a
20.5%
jump
in
April.
There
is
clearly
some
cooling
in
the
housing
market
underway
but
the
market
is
more-focused
on
pricing
than
construction.