Highlights
Market Movers: Weekly Technical Outlook
Is a marketplace pricing in QE from a ECB?
What to design in a Bank of England’s Aug Inflation Report
Look Ahead: Stocks
Look Ahead: Commodities
Global Data Highlights
Market Movers: Weekly Technical Outlook
Technical Developments to Watch:
EUR/USD nearby 9-month lows, insurgency still looms nearby 1.3450
GBP/USD behind dire 1.6800 after diseased bounce
USD/JPY pulling behind 102.00 on ubiquitous risk aversion
EUR/GBP in play, near-term operation dynamic between .7880 and .7980
* Bias dynamic by a attribute between cost and several EMAs. The following hierarchy determines disposition (numbers paint how many EMAs a cost sealed a week above): 0 – Strongly Bearish, 1 – Slightly Bearish, 2 – Neutral, 3 – Slightly Bullish, 4 – Strongly Bullish.
** All information and comments in this news as of approximately 16:00GMT on Friday **
EUR/USD
EUR/USD extended a downtrend final week, attack a new 9-month low
MACD still bearish, and Slow Stochastics have now bounced out of oversold territory
Traders competence still demeanour to blur any oversold bounces toward 1.3450
The EUR/USD continued a light grub reduce final week, sourroundings a new 9-month low nearby 1.3330 on Wednesday before bouncing behind modestly. The primary elemental matter for final week’s cost movement was a decrease in German mercantile data, as good as a forked dovish change by ECB President Draghi his monthly ECB press conference. The delegate indicators are portrayal a bearish picture, with a MACD trending reduce successive a vigilance line and a “0″ level, given a Slow Stochastics have now bounced out of oversold territory, potentially clearing a approach for another leg reduce successive week. Moving forward, bears will start to spin their eyes toward prior support around 1.3300, given some-more regressive traders competence be watchful in a wings to sell any medium rallies toward 1.3450.
Source: FOREX.com
GBP/USD
GBP/USD bounced early final week before returning to exam a lows on Thursday
Slow Stochastics still in oversold territory, lifting a luck of a near-term bounce
Potential for some-more medium-term debility as prolonged as rates stay successive 1.6900-50
The GBP/USD attempted to rebound early final week, yet sellers stepped in fast forward of a 1.6900 spin and rates are behind around a prior week’s lows as we go to press. The shoal bounce, if reliable by a mangle to new lows, suggests that a sellers sojourn resolutely in control of trade and suggests we competence see a clever delay reduce if 78.6% Fib support during 1.6800 is broken. The MACD shows clever bearish momentum, yet a oversold Slow Stochastics suggests rates competence rebound during some indicate this week. As prolonged as a section stays successive 20-day EMA insurgency around 1.6900-50, some-more debility is favored.
Source: FOREX.com
USD/JPY
USDJPY pulled behind to 20-day EMA support final week
MACD still bullish, Slow Stochastics no longer in overbought territory
Bias still stays aloft above support during a 102.00 spin handle
The USD/JPY pulled behind final week, yet weathered a offered vigour (including an apparent “fat finger” peep pile-up on Wednesday) to reason above pivotal support levels. The new dermatitis from a 7-month forward triangle settlement stays a widespread technical theme, and final week’s pullback took a Slow Stochastics behind out of overbought territory. For this week, a technical disposition in a span will sojourn to a topside as prolonged as rates reason above support in a 102.00-20 zone; a mangle successive that area would change a opinion behind to neutral.
Source: FOREX.com
EUR/GBP
EURGBP combined final week after violation out from a 4-month bearish channel
The MACD has incited modestly positive…
…but rates contingency mangle pivotal plane insurgency during .7980-.8000 to spin a disposition to bullish
The EUR/GBP is a banking span in play due to a series of high-impact mercantile reports out of a Eurozone and UK this week (see “Data Highlights” successive for more). From a technical perspective, a span changed laterally final week after violation a 4-month bearish channel a prior week. At this point, rates seem rangebound in a 100-pip operation from .7880 to .7980, a idea reliable by a comparatively neutral readings on a MACD and Slow Stochastics. This week will be vicious for final a near-term instruction of a pair: a mangle above .7980 would open a doorway for serve gains over a march of August, given a dump by .7880 would resume this year’s determined downtrend.
Source: FOREX.com
Is a marketplace pricing in QE from a ECB?
Last week’s ECB assembly was decidedly downbeat and President Draghi sounded some-more endangered than common about a mercantile opinion and a geopolitical risks confronting a banking confederation right now. Although a ECB left process unchanged, Draghi was some-more vehement about a destiny process position of a Eurozone, observant that a marketplace was right to consider that Eurozone and US financial process would be on a anomalous trail for some time.
Two points in a Draghi press discussion are value noting: firstly, a ECB’s theory that it expects a TLTRO programme to recover between $450bn – $850bn into Europe’s banking system, that will be redeeming to increasing lending to a private sector. This is a sincerely vast arrogance in a view, generally as we trust that direct for loans in a banking confederation is a problem. Unluckily for a Eurozone, direct for credit competence not urge in a stream mercantile sourroundings of heightened geopolitical risks.
The second indicate was Draghi’s steady references to QE. He pronounced that a ECB is prepared to embark on some-more process support if necessary, and that QE is one choice open to a bank. He also pronounced that a bank is regulating an outward consultant to expansion an ECB-style chronicle of a QE. When asked what kind of resources a ECB would purchase, Draghi hinted that it could be emperor bonds.
Some competence disagree given would a bank worry to embark on QE when German yields, typically deliberate a benchmark for a Eurozone, are already low; a 2-year produce dipped successive 0% final week. However, with a ECB’s categorical rate during 0.15%, it is usually healthy that supervision bond yields are also intensely low. Considering some analysts consider that seductiveness rates need to be many hundreds of basement points reduce than they now are, during 0.15%, afterwards QE could assistance to pull emperor yields serve into disastrous domain in an bid to coax lending growth.
Negative seductiveness rates tend to import on a banking and given peaking in March, a trade weighted EUR has depressed some-more than 3%, and is tighten to a lowest spin in over a year. Thus, if a ECB is critical about QE afterwards there could be serve downside to come. Short tenure support levels to watch for in EURUSD embody 1.3248 – a 38.2% retracement of a Jul 2012 – May 2014 advance, while 1.3105 is also in view, that is a Sep 2013 low. If a ECB does start a QE programme afterwards we could see a constructional pierce lower, and 1.20, a lowest spin given Jul 2012, competence come behind into view.
At a finish of final week a EUR managed to stabilise, however, a disaster to get above Monday’s high during 1.3433 was a bearish expansion and suggests that for as prolonged as Draghi and co. during a ECB keep QE on a list afterwards any upside in EURUSD could be limited. As we can see in a draft below, one approach of looking during a impact of a intensity QE programme on EURUSD is looking during this span alongside a widespread between 2-year German and US yields. If this widespread continues to tumble deeper into disastrous domain afterwards we could see serve waste for EURUSD.
What to design in a Bank of England’s Aug Inflation Report
The concentration for a UK successive week will be Wednesday when a practice information for Jun and Jul is expelled along with a latest Bank of England Inflation Report. The latter could give a marketplace another drive on when to design seductiveness rates to rise. The former will be critical to see if a work marketplace can continue to urge yet formulating salary inflation.
Wages have spin a pivotal information indicate for a BOE, and a Jun information is approaching to uncover a 0.1% decrease in salary expansion over a final 3 months, withdrawal a annual rate during a measly 0.7%. Since a final Inflation Report a gait of salary expansion has slowed, that could means a BOE to error on a side of caution.
While we don’t consider that Carney and co. during a bank will boot a awaiting of rate hikes in 2015, we consider this Report could stifle prospects of a rate travel in 2014. Regarding a fact of a report, we design a Bank to correct down a near-term acceleration foresee as Q2′s CPI rate was 1.8%, that is rather successive a 1.9% foresee in a May Report. The Bank’s 3.4% expansion foresee for 2014 could be revised higher, and if it is afterwards we would design 2015′s 2.9% theory also to pierce to 3% or rather higher.
The Bank’s stagnation forecast, that was 6.5% in May, is approaching to sojourn in a 6-6.5% range, as a Bank could disagree that a dump in a stagnation rate so distant this year could start to delayed if capability picks up. If a Bank believes that capability will arise afterwards a stagnation rate foresee could sojourn substantially unchanged. However, if it still sees a lot of gangling ability in a economy this could benefaction a problem for a BOE as it could pull a stagnation rate down to a spin that competence be unchanging with a rate hike; however salary expansion could sojourn stagnant. If this happens, afterwards BOE is approaching to speak down a awaiting of a near-term rate travel until serve tardy in a economy is eroded.
A connection of factors is approaching to import on a GBP this week. Risk hatred has seen it underperform in a G10 this week, while protected breakwater currencies like a yen outperform. We design a bruise to be intensely flighty on Wednesday as a marketplace digests a practice information alongside a Inflation Report. However, a technical design is decidedly bearish and a weekly tighten successive a daily Ichimoku cloud was a bearish expansion that suggests movement has shifted to a downside. As we start a uninformed week, if a BOE Inflation Report is reduction hawkish than approaching afterwards 1.6693, a low from 29th May, could come behind into view.
Look Ahead: Stocks
Stocks have continued their pointy falls for another week as some-more sentiment-sapping events saw investors rush for safety. Among a categorical factors weighing on unsure resources has been a escalation of geopolitical tensions in a Middle East and Ukraine. This has left adult by another nick or dual after a US President Barrack Obama certified atmosphere strikes in northern Iraq, directed during wanton a fast allege of a IS militants, and as Russia retaliated over Western sanctions for a impasse in a predicament in Ukraine by commanding a possess sanctions on imports of food and rural products from a EU. On tip of a geopolitical concerns, we have had some unsatisfactory information from a Eurozone that has fuelled deflationary worries in a singular banking confederation while a health of a Portuguese banking complement has been called into doubt after a struggling lender Banco Espirito Santo was bailed out. Perhaps an even bigger worry for batch marketplace investors is that a Fed’s QE module is entrance to an finish and seductiveness rates competence have to arise earlier than approaching due to stronger mercantile liberation and aloft acceleration in a US. After all, QE was a pivotal motorist behind this multi-year longhorn market. But have a markets over-reacted to all these risks? One approach to find out is by looking during a technical design of some of a world’s vital indices, such Germany’s DAX index that looks intensely oversold. The DAX hovering around pivotal technical juncture: intensity for sparkling trade opportunities
We looked during a DAX index on a final day of Jul when it hovering around 9400 following a pointy sell-off and again on Monday as a technical opinion run-down further. In both reports we remarkable that if it did not find any evident support afterwards it could conduct behind all a approach to 8930/60 over a entrance days. Sure enough, by Friday morning it had reached this area and momentarily slipped successive it too. As a index has so distant plunged by some-more than 1100 points from a Jun arise of 10050, it is now in a improvement domain given a pullback has exceeded a 10% threshold.
The large doubt now is what happens next. From a utterly technical indicate of view, it depends on cost movement around this 8930/60 area. Given that this was formerly a pivotal support area, a daily tighten successive here would definitely shock divided some-more of a existent bullish speculators and substantially inspire uninformed offered too. In that case, a approach competence be privileged for a dump towards 8625, 8525, 8235/40 or even 8100 over a entrance days and weeks. As can be seen from a chart, 8625 and 8235/40 tie in with a 127.2 and 161.8 per cent Fibonacci prolongation levels of a upswing from a Feb low, while 8525 was formerly support and resistance, and 8100 was a area around a 2007 peak. On a other hand, a index does demeanour intensely oversold, with a daily RSI being tighten to 20. Thus, it is approaching that some of a bears competence be looking to book distinction now, generally around this pivotal 8930/60 support area. As such, a intensity is there for a short-covering convene towards a successive judicious insurgency during 9100. But a intensity mangle above that spin could display 9250 or even 9400 for a test.
In summary, a DAX, along with some of a other vital tellurian batch indices, looks oversold following a pointy improvement over a past integrate of weeks and some of a technical indicators are indicating to a probable rebound of some arrange in a evident nearby term. But view is still utterly disastrous and a altogether trend is bearish. So a intensity rallies competence be faded into. Therefore successive week could offer decent trade opportunities in both directions.
Source: FOREX.com. Please note this product is not accessible to US clients.
Look Ahead: Commodities
Commodities have finally responded definitely to increasing risk aversion, stemming partly from a deteriorating geopolitical tensions. Both bullion and Brent oil prices have risen rather neatly this week as traders responded to news headlines concerning a situations in Ukraine and a Middle East. The Russian supervision has retaliated over Western sanctions for a impasse in a predicament in Ukraine by commanding a possess sanctions on imports of food and rural products from a EU. The news has fuelled fears of a trade fight with a West, and suggests Moscow will continue to support a pro-Russian rebels in Eastern Ukraine notwithstanding a officials observant a discordant on Friday. Things could get unequivocally nauseous if Russia were to stop a appetite reserve to Europe, nonetheless this does demeanour unequivocally doubtful as it is not in their or indeed Europe’s interests. Meanwhile a permission of US atmosphere strikes in Northern Iraq has lifted a hazard of wanton supply disruptions in a second largest OPEC member. While this is a large worry, it contingency be forked out that many of Iraq’s oil is constructed and exported from a South where a conditions is normal. What’s more, oil and gold’s response to new geopolitical headlines have been anything yet certain and this could be a box this time too. Oil is reason behind by a extreme supply of a stuff, generally in non-OPEC countries such as Russia and a US, and also lifeless direct in a Eurozone where mercantile expansion has roughly been non-existent. What’s more, a US dollar is stability to arise as a marketplace prepares for life after QE in Oct and a initial rate travel from a Federal Reserve during some indicate in a initial half of 2015. Since oil and bullion are both denominated in a buck, serve appreciation in a US banking competence extent a intensity gains for a commodities.
Gold’s new gains have partly been driven by technical factors. As we reported during a start of a week, a yellow steel had found some Fibonacci-based support around $1280. It has given damaged several insurgency levels on a approach up. But a convene competence now be in risk as bullion is struggling to get past a 61.8% Fibonacci retracement of another cost swing: a July-August sell-off, during $1320. (On a side note, a 61.8% Fibonacci spin tends to offer unequivocally good support and insurgency to bullion prices, as we discussed in abyss in July). Even if it were to stand above $1320, bullion faces serve insurgency during $1330/1 that not usually corresponds with a 78.6% Fibonacci spin yet a bearish trend line too. So, it is approaching we competence see some greeting there. However a intensity daily tighten above a $1330/1 area could pave a approach for a Jul arise of $1345 and afterwards serve Fibonacci-based targets as per a draft below. On a downside, a initial line of support comes in during $1312, followed by a 50-day relocating normal around $1300, and afterwards a joining of a bullish trend with prior support and a 200-day normal around $1280/5. Next week, we design to see serve concentration within a squeezing ranges as tangible by a concentration trend lines.
Commodities have finally responded definitely to increasing risk aversion, stemming partly from a deteriorating geopolitical tensions. Both bullion and Brent oil prices have risen rather neatly this week as traders responded to news headlines concerning a situations in Ukraine and a Middle East. The Russian supervision has retaliated over Western sanctions for a impasse in a predicament in Ukraine by commanding a possess sanctions on imports of food and rural products from a EU. The news has fuelled fears of a trade fight with a West, and suggests Moscow will continue to support a pro-Russian rebels in Eastern Ukraine notwithstanding a officials observant a discordant on Friday. Things could get unequivocally nauseous if Russia were to stop a appetite reserve to Europe, nonetheless this does demeanour unequivocally doubtful as it is not in their or indeed Europe’s interests. Meanwhile a permission of US atmosphere strikes in Northern Iraq has lifted a hazard of wanton supply disruptions in a second largest OPEC member. While this is a large worry, it contingency be forked out that many of Iraq’s oil is constructed and exported from a South where a conditions is normal. What’s more, oil and gold’s response to new geopolitical headlines have been anything yet certain and this could be a box this time too. Oil is reason behind by a extreme supply of a stuff, generally in non-OPEC countries such as Russia and a US, and also lifeless direct in a Eurozone where mercantile expansion has roughly been non-existent. What’s more, a US dollar is stability to arise as a marketplace prepares for life after QE in Oct and a initial rate travel from a Federal Reserve during some indicate in a initial half of 2015. Since oil and bullion are both denominated in a buck, serve appreciation in a US banking competence extent a intensity gains for a commodities.
Gold’s new gains have partly been driven by technical factors. As we reported during a start of a week, a yellow steel had found some Fibonacci-based support around $1280. It has given damaged several insurgency levels on a approach up. But a convene competence now be in risk as bullion is struggling to get past a 61.8% Fibonacci retracement of another cost swing: a July-August sell-off, during $1320. (On a side note, a 61.8% Fibonacci spin tends to offer unequivocally good support and insurgency to bullion prices, as we discussed in abyss in July). Even if it were to stand above $1320, bullion faces serve insurgency during $1330/1 that not usually corresponds with a 78.6% Fibonacci spin yet a bearish trend line too. So, it is approaching we competence see some greeting there. However a intensity daily tighten above a $1330/1 area could pave a approach for a Jul arise of $1345 and afterwards serve Fibonacci-based targets as per a draft below. On a downside, a initial line of support comes in during $1312, followed by a 50-day relocating normal around $1300, and afterwards a joining of a bullish trend with prior support and a 200-day normal around $1280/5. Next week, we design to see serve concentration within a squeezing ranges as tangible by a concentration trend lines.
Source: FOREX.com
Meanwhile on Brent, a RSI has combined a certain dissimilarity that is a bullish expansion utterly as this has corresponded with prices unwell to reason successive a prior support area of around $104.50. But a prior insurgency spin of $106.80 is holding organisation for now, so a intensity gains demeanour limited. However this competence change if $106.80 is broken. In that case, a convene towards a 200-day normal during $108.60 could be on a cards successive week, before it creates a successive move. On a downside, a successive support spin comes in during $103.00 that was a Nov 2013 low point.
Source: FOREX.com. Please note this product is not accessible to US clients.
Global Data Highlights
Monday, Aug 11, 2014
Tuesday, Aug 12, 2014
1:30 GMT National Australia Bank’s Business Confidence (July)
Confidence in a Australian business zone has been flourishing over a final integrate months culminating in final month’s reading of 8, that was a second top reading given 2012. However discouraging signs seem to be popping adult in and around a Australian economy of late. This past week showed that a stagnation jumped 0.4% to a 12 year high, Chinese PMIs took a spin for a worse, and divert prices in New Zealand continue to fall. If Australian businesses are looking during those signs with an eye toward a destiny (which they substantially are) we competence see a pointy decrease in this measure.
9:00 GMT German ZEW Surveys (August)
For a seventh month in a row, a German Economic Sentiment consult declined and missed expectations reaching a lowest spin given Dec 2012. Unfortunately, things don’t seem to be improving for a Eurozone with acceleration stability to stay stubbornly low, Italy descending behind in to technical recession, and now a fighting in Ukraine has resulted in EU sanctions conflicting Russia and clamp versa. Consensus is job for another decrease during an even some-more accelerated gait than a prior dual months, so watch for a service convene if it even usually declines slightly.
23:50 GMT Japanese Preliminary Gross Domestic Product (Q2)
Put on your tough hats for this one as it competence seem as if a sky is descending once this figure is released. The second entertain of 2014 is when a most maligned expenditure taxation boost was levied on Japanese adults and has kept Household Spending, Manufacturing Sales, and Retail Sales disappearing ever since. Consensus is job for a decrease of 1.8%, yet that competence not be desperate enough. Meanwhile a Bank of Japan doesn’t seem to be in any precipitate to further their Quantitative and Qualitative Easing program, so a counterintuitive moody to a JPY competence be in store as investors in a segment raise all their income in to Japanese Government Bonds.
Wednesday, Aug 13, 2014
2:00 GMT Chinese Industrial Production, Urban Investment, and Retail Sales (July)
This is partial of a Chinese “data dump” that they incorporate any month and any magnitude is approaching to sojourn elevated. There was a flashing red alarm this past week with HSBC Services PMI that fell to a 9 year low of 50.0 signaling that there was no expansion in a services zone final month. Whether that translates in to slower executive Chinese information is anyone’s theory as we’ve already seen China’s trade over-abundance arise to a record high this past week.
8:30 GMT UK Claimant Count Change and Unemployment Rate (July)
After a integrate months of universe violence on a information front, a UK has cooled off a bit causing a GBP/USD to tumble scarcely 400 pips over a final 3 weeks. Granted, most of that decrease could be attributed to distinction holding or a relaxing of a seductiveness rate travel fervor, yet a fact stays that a GBP is now on a behind foot. One elemental figure that could retreat that trend is practice that has usually unsuccessful to live adult to expectations 3 times given a start of 2013; for those counting during home, that’s 16 out of 19 times that this figure has possibly met or kick consensus. If that strain were to continue, maybe a GBP could spin a universe beater once again.
9:30 GMT Bank of England’s Quarterly Inflation Report and Governor Carney Speech
Lots of courtesy is paid to a QIR and Carney’s successive debate due to a fact that he signals destiny BoE process utterly bluntly in both a news and speech. Last time around, a marketplace was awaiting Carney to burst on a hawk bandwagon, yet forecasts for seductiveness rate rises and acceleration remained where they were on a prior report. The usually composition was on a labor front where they lowered expectations for unemployment. This time around, traders will be looking for a hawkish wordiness that he used in a Mansion House debate behind in Jun where he indicated that seductiveness rates competence be hiked faster than a marketplace anticipates.
12:30 GMT US Retail Sales (July)
Depending on where we look, we could contend that consumerism in a US is about to take off, or we could assume that it is about to take a nap. While practice stays strong, consumer view elevates, and PMIs strech multi-year highs, Consumer Credit declined, and Vehicle Sales contracted. So that are we to believe? At this point, expectations are low, with usually a 0.3% accord rise. So distant in 2014, 0.3% has usually been superseded once on a initial recover (though revisions uncover 4 true formula of 0.5% or improved for March, April, May, and June). Perhaps this time around we won’t have to wait for a rider and we are means to see a clever outcome on a initial release.
22:45 GMT New Zealand Retail Sales (Q2)
The Kiwi republic has been struggling to put together enlivening information recently as a Reserve Bank of New Zealand signaled a postponement in their hiking speed and powdered divert prices continue to plummet. Combined with a towering cost of a NZD in Q2, these factors could have had a unpropitious impact on Kiwi consumers as good as they competence be some-more disposed to batten down a hatches instead of spending recklessly.
Thursday, Aug 14, 2014
9:00 GMT European Flash Gross Domestic Product (Q2)
BREAKING NEWS: European economy is struggling. Ok, maybe that isn’t so most of a outrageous news flash, yet a struggles competence be even worse than a market, and a EUR in particular, is vouchsafing on. European Central Bank President Mario Draghi was observant all solely “short a euro” during his press discussion this past week as he mentioned that geopolitical risks, Quantitative Easing, diverging policies of other executive banks, and a miss of liberation could be weighing on his currency. Of course, usually given Draghi thinks a EUR should be reduce doesn’t indispensably make it so; markets infrequently have a nasty robe of relocating conflicting of logic, and it could be no opposite this time around. If Italy descending in to technical retrogression this past week is any forbearer of a EU as a whole, watch out for a disastrous outcome on this release.
Friday, Aug 15, 2014
8:30 GMT UK Gross Domestic Product – Second Estimate (Q2)
As distant as GDP releases go, this one is approaching to be on a bottom of a significance scale. There are a sum of 3 GDP releases for a UK, and in any of a prior 3 quarters, a first, second, and third releases were all a same with no revisions from a initial to third. That means that if a settlement holds, a 0.8% figure we got on Jul 25th could be a ultimate outcome we get for this recover as well.
12:30 GMT Canadian Manufacturing Sales (June)
The CAD has had a severe go of it newly as Canadian information can’t seem to get out of a new funk. This past week showed that practice usually rose by 200 jobs on expectations of 20,000 and a appearance rate forsaken 0.2%. In addition, a USD/CAD has risen around 350 pips given a commencement of July, a poignant volume for a typically paltry banking pair. Last month’s 1.6% boost in this metric was a strongest outcome given Sep of final year, yet if new story is any guide, it competence have a tough time progressing that strength.
12:30 GMT US Industrial Production (July)
The strength in US releases of late has had a bit of a counterintuitive outcome on expectations for a destiny in that once we start to see good data, it becomes expected, and anything reduction will be deemed a disappointment. A good instance is Non-Farm Payroll that showed over 200k jobs gained for a sixth month in a quarrel (a attainment not achieved given 1997), yet given it was in a low 200′s it was chided. Industrial Production could be descending in to a same trap as expectations are hovering around a 0.4% increase, bettering final month’s 0.2% rise. If it can live adult to a hype, some-more USD strength could be in store as a week comes to a close.
13:55 GMT UM / Reuters Consumer Sentiment Index (August)
Geopolitical issues in Ukraine, Israel, and Iraq and a Ebola conflict in Africa could be weighing on a view of US consumers as doom and dejection appears everywhere they look, utterly if we review it with a new movement of US equity markets. The Dow and SP 500 have both descended from lofty highs and a ubiquitous open could be holding notice of all of these events. Since a Great Recession, it seems consumers are always on a surveillance for a reason to be desperate anyway, so watch for a decrease in this figure signaling that a fear of bad things leaks in to sentiment.
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