Posted To: MBS Commentary
From an old-school, conventional market-watching point of view, there is significant data on tap today in the form of ISM Non-Manufacturing at 10am. Both the ISM indices are consistently in the running as the next biggest market mover following NFP. They’re fairly consistent too. That’s good to know as it tells us a lot about what markets are thinking on the occasions where the data is far from consensus yet doesn’t produce a reaction. If today turns out to be one of those days, we don’t have to look far for evidence of what else might be on the market’s mind. The whole month of January is one big trial by fire for Europe. With markets widely expecting some movement on QE at the January 22nd meeting, and with speculation that the ECB’s hands might be tied in some way…(read more)
Via:: MBS Day Ahead: Important Economic Data and Ticking Clock
