After the first rush of data in the US, industrial production and capacity utilization will follow up with industrial production expected at +0.0% versus 0.3% last month. The capacity utilization is expected 77.5 versus 77.6 last month. Manufacturing output is expected to decline by -0.1% versus +0.1% last month.
Later at 10 AM,
- US business inventories for June are expected to rise by 0.2% versus 0.0% last month.
- University of Michigan sentiment for August preliminary is expected at 62.0 versus 61.7 last month. The current conditions is expected at 67.9 versus 68.0. The expectations 56.5 versus 57.7. One year inflation came in at 4.5% last month. The five year inflation reading came in at 3.4%. The data is preliminary. There will be a revision a week or so from now.
US stocks are mixed with the Dow industrial average rising sharply after Warren Buffett Berkshire Hathaway buys UNH shares. There shares are up some 10% in premarket trading pushing the Dow industrial average higher by 266 points.
The S&P index is up marginally by 6.75 points. Yesterday the S&P eked out another record close.
The NASDAQ index is lower by -30.69 points in premarket trading.
The US dollar moved up and back down after the data.
EURUSD:The EURUSD had been trending to the upside in traded as high as 1.1699 (right around the resistance near 1.1700), moved lower after the data to 1.1672, but has moved back to the upside rising to a new high for the day at 1.1701. The 1.1696 – 1.1703 area remains a swing area that needs to be broken. For a technical look at the EURUSD, see the video HERE.
