Core Retail Sales, PPI m/m and Retail Sales m/m all printed as expected or better than expected, indicating that the US economy is truly on the path of growth. The positive data out of the US failed to reignite dollar bulls as traders trod cautiously ahead of this weeks FED rate announcement. Todays calendar for the US is light and traders will be watching technical levels to enter and exit positions.
Crude oil prices remain near 2009 lows as oil producing nations show no sign of slowing down their production even as the global economy continues to slow down. This imbalance of supply vs demand should continue to pull crude prices lower as there simply are no takers for the commodity. Traders will be looking to Wednesday inventories figures to gauge any change in the supply.
The ECB released the Targeted LTRO figures on Friday, they came in above expectation at 18.3B vs 7.5B which saw the EUR lose some ground at the time of the release before traders decided that the news was not enough to remain short the currency. Today sees the Euro zone Industrial production m/m , expected at 0.3%, being released. Also, ECB president Mario Draghi will be speaking at a conference, the speech will be scrutinized by traders in hopes of getting a better feel for the ECBs future direction, a more hawkish speech could bid well for the EUR.