The markets will spend the day
digesting a number of key economic readings as investors await the
results key central bank meetings and position themselves ahead of
Friday’s government jobs data. Personal income and spending numbers
released
earlier this morning showed that while personal income did rise in June
(up .5%) spending was flat underscoring consumer uncertainty in the
current economic environment. As more economic readings come out
-including consumer confidence numbers, home price
data and manufacturing data - optimism over potential Fed stimulus
action could gain support. The Fed kicks off their two-day meeting today
followed by the ECB’s get-together that begins on Thursday. It is
expected that markets will trade in tight ranges until
a clearer picture of central bank actions starts to develop. The precious metals
complex is trading relatively flat in early morning trading with the
exception of platinum. The white metal is trading up ~1%. Have a great
day.
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