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Markets

US PMI’s unexpectedly turned out to have the biggest intraday market impact yesterday. Traditionally, they don’t carry that much weight with main focus on monthly ISM surveys. A significant setback in the August US services ISM (44.1 from 47.3 vs 49.8 expected) temporary stopped the USD-rally while providing (minor) intraday relief for US Treasuries. Especially as they were followed by a huge drop in new home sales (see below) and bigger than expected decline of the Richmond Fed Manufacturing Index (-8 from 0 vs -2 expected). In the end, they didn’t alter the technical pictures though. EMU PMI’s earlier on the day fell as well, but the setback was modest and largely in line with consensus. The US treasury yield curve eventually steepened with daily yield changes ranging between -1 bp (2-yr) and +3 bps (30-yr). The German yield curve steepened as well with yield changes varying between -4 bps (2-yr) and +3.5 bps (30-yr). The long end of the yield curves probably suffered from a late spike in oil prices which needed some time to soak the Saudi hint on an OPEC production cut. Brent crude touched $100/b for the first time since early August. EUR/USD closed at 0.9970 following a volatile day in between 0.9901 (new low) and 1.0018. Sterling recovered some additional ground against the euro following last week’s failed test of the EUR/GBP 0.85 area. Gilt underperformance for now beats dismal eco numbers. European and US stock markets managed to limit the losses to around 0.5%.
 
Today’s eco calendar is thin with only US durable goods orders and pending home sales. They probably won’t have any intraday market impact. Following yesterday’s price action (intraday attempt to correct on ruling trends), this setting might set the stage for some consolidation. Since early last week, markets went to a more neutral positioning going into Friday’s key note address at the Jackson Hole symposium by Fed Chair Powell. Minneapolis Fed Kashkari overnight strengthen the Fed’s guide line that it’s “very clear” that the Fed needs to tighten monetary policy further. The very worse outcome is an unanchoring of inflation expectations which would ask a Vocker-esque response by the Fed. Therefore, frontloading is the way to go, even as the economy shows signs of slowing.

News Headlines

US new home sales in July dropped to the lowest level since 2016. Sales declined 12.6% M/M to reach an annualized pace of 511 000. The June figure was also downwardly revised to 585 000. Sales of New homes in July were 29.6% lower compared to the same month last year. The peak of the current cycle was set in January of 2021 (993k). The slowdown is sales is caused by an ongoing rise in mortgage rates. Still, homes prices continue to rise. The average US new house price in July rose 18.3% Y/Y. At the same time, the inventory of new homes available for sale rose to 464 000, the highest level since 2008. While construction of most of these house still had to be finished, the high inventory gradually might slow prices rises over time.
 
According to a report of CTK news service, the Czech government and the labor unions agreed on a 10% pay increase from September for a group of 365 000 public sector employees. The increase applies to civil servants and non-teaching staff in education. The pay rise is calculated to have an additional budgetary cost of CZK 1.1bn this year. 2022 wage growth is still subject to a further agreement. The wage increase comes in a context where Czech inflation already printed at 17.5% Y/Y in July and is expected to near the 20% area later this year.

The US dollar bounced lower, yesterday, following the weak economic data in the US, which showed that the new home slowed, and business contracted. The flash PMI figures showed that services in the US fell into a deeper contraction, while manufacturing slowed more than the market expectations. Both indices sank to the lowest levels since the first summer of the pandemic. Unfortunately, the weak data couldn’t revive the Federal Reserve (Fed) doves, yesterday.

US equity indices fell for the third day, as investors continued scaling back their long positions into the Jackson Hole meeting, where the Fed officials may not sound as dovish as many investors wish they would. The S&P500 slid another 0.22%, the Dow lost close to 0.50%, while Nasdaq was flat.

DAX gives half of summer gains as energy crisis deepen

The ugly PMI data also hammered the mood among the European stock traders, yesterday. The DAX is down more than 2% since the beginning of the week, and already gave back half of gains it recorded this summer. The softer euro could’ve normally given a boost to the European stocks, making them more affordable for foreign investors, but understandably, no one wants to stomach the risks of the deepening energy crisis in Europe. All the competitiveness that comes with the weaker euro is taken away by the increasing cost pressures due to the energy crisis, and the growing likelihood of a dark recession on the old continent.

And the euro is expected to dip further, and failure to stop the euro’s weakening will make the European imports, especially energy imports more expensive for the companies, and further boost inflation pressures. The European Central Bank (ECB) will have to tighten as much as it can, but of course, if the policy tightening can’t stop the euro’s depreciation, the Europeans will find themselves with rising inflation, rising interest rates and slowing economies.

FTSE benefits from solid exposure to energy, as crude rebounds

Situation in the British FTSE 100 is different, as the FTSE 100 has a solid exposure to energy and mining stocks, and having exposure to energy stocks is still one of the most interesting hedging options.

Oil stocks were boosted again yesterday, by firmer oil prices after crude rebounded past the $93 level on news that OPEC could cut production as they feel that the prices fell too much over the past two months. The FTSE slid along with its major European and US peers, yet BP added more than 2% and flirted with the 470p level yesterday.

Also, the latest API data came to support the oil and oil stock bulls, as the latest figures suggested another bigger-than-expected decline in the US oil inventories. The stockpiles fell more than 5 mio barrels last week, versus just 450’000-barrel fall expected by analysts.

We can now say that there are signs of a positive momentum building among the oil bulls despite the recession woes, and the first bullish target is the 200-DMA, which stands near the $96 per barrel, then the $100 psychological resistance.

The rebound in oil prices, along with the surge in nat gas futures could have two effects depending on the market’s actual mood. In one hand, the higher energy prices dampen the economic activity, and therefore could revive the Fed doves, and bring forward the idea that the Fed would soften its hand to support the economic growth. But on the other hand, the rebound in energy prices boost inflation and inflation expectations, and therefore could keep the Fed hawks alert, and underline the fact that the Fed will not soften its policy until inflation is meaningfully and sustainably down from the multi-decade high levels.

I believe that right now, the market mood suggests that the second option is most likely to be priced in: higher energy means higher inflation. Higher inflation means hawkish Fed, hawkish Fed means higher yields, and higher yields mean lower equity valuations.

Market movers today

There are only few economic releases today. The only number of relative importance is the US July durable goods orders, which are expected to slow due to the financial tightening taking place on the back of the Fed tightening.

The 60 second overview

August PMIs point to weakening growth momentum: In the euro area services activity seems to be stagnating and manufacturing slipped further into recession territory. New business was down in both the manufacturing and service sectors, suggesting little prospect of an improvement in production ahead. On a positive note, businesses continue to see less rises in their costs and in turn are increasing their selling prices at a softer pace. The post-pandemic employment recovery continues, although firms are increasingly reluctant to hire new staff in light of weakening order books. Overall, pent-up services spending that boosted growth in Southern Europe during Q2 is increasingly running out of steam as persistently high inflation and rising interest rates are weighing on consumers' disposable income. Germany's manufacturing progress is under strain from both lingering supply constraints, a weakening demand outlook and rising cost pressures in light of the worsening energy crisis. With the threat of rationing and production cuts later this year still looming large, the near-term outlook for the euro area economy remains challenging and we think a recession in H2 22 will be difficult to avoid.

In the US, the manufacturing index declined more than expected but remains above 50, as new orders remained near previous levels. However, service sector growth appears to be slowing faster than expected, as firms' expectations of incoming new business and employment growth ticked lower. Overall price pressures continue easing, but input and output price growth remains at very elevated levels. All together the figures continue to support the 'stagflationary' narrative on both sides of the Atlantic. New home sales in the US were also disappointing. A downturn in homes sales is often an important leading indicator of a rise in unemployment rates in the US economy.

Equities proved surprisingly resilient despite poor macro data releases from the US. Equities admittedly drifted somewhat lower but with most cyclical sectors - materials, consumer discretionary, industrials - all higher. Real estate sector underperforming on the back of weak data combined with higher yields triggered some rotation out of growth/ quality stocks. Contrary to the mildly positive reaction from equities and bond investors, VIX continued to drift higher (currently 24) which to us marks the end of the positioning-driven rally over summer. S&P500 -0.2%, Dow -0.5%, Nasdaq -0.8% and Russell 2000 0.2% higher.

FI: After the European PMIs in the morning, rates traded mostly sideways through the day. Initially, the French PMI sent yields lower by 1-2bp, but the German manufacturing PMI just 15 minutes later - which was not as weak as expected - sent Bunds 4bp higher.

FX: US data-induced USD weakness proved short-lived in yesterday's session. EUR/USD temporarily broke above parity but closed back below the important threshold level. NOK had a strong session supported by higher oil prices and better-than-feared European PMIs. Also, continued NOK demand from elevated natural gas prices (tax payments) is supportive. EUR/SEK moved back below 10.60.

Credit: Credit spreads moved largely sideways yesterday. ITraxx main widened by 0.5bp ending in 110.6bp while Xover grinded 2.4bp tighter ending in 549.4bp.

Daily Pivots: (S1) 1.1740; (P) 1.1809; (R1) 1.1900; More...

A temporary low is formed at 1.1716 with current recovery. Intraday bias in GBP/USD is turned neutral first. Upside of recovery should be limited by 1.2002 support turned resistance to bring another fall. Break of 1.1716 will resume larger down trend to 1.1409 long term support.

In the bigger picture, fall from 1.4248 (2018 high) could be a leg inside the pattern from 1.1409 (2020 low), or resuming the longer term down trend. Deeper decline is expected as long as 1.2292 resistance holds. Next target is 1.1409 low. However, firm break of 1.2292 will bring stronger rise back to 55 week EMA (now at 1.2859).

Dollar's rally was choked off by terrible PMI data, in particular services, overnight. But the greenback is trying to regain some footing in Asian session. It's too early to say that the bullish trend in Dollar has reversed. Traders are just holding their bets for now, awaiting more guidance from Fed Chair Jerome Powell at the Jackson Hole symposium. For now, Aussie and Kiwi are the stronger ones with Yen. Euro and Sterling are overwhelmingly weak. Dollar is mixed with Canadian.

Technically, USD/JPY's rebound from 130.38 is seen as the second leg of the corrective pattern from 139.37. It might have completed with three waves up to 137.70 already. Firm break of 135.57 resistance turned support will argue that the third leg has started back towards 130.38 support. If happens, it's likely more of a boost to Yen then a drag on Dollar elsewhere.

In Asia, at the time of writing, Nikkei is down -0.45%. Hong Kong HSI is down -1.34%. China Shanghai SSE is down -1.29%. Singapore Strait Times is down -0.39%. Japan 10-year JGB yield is down -0.0011 at 0.221. Overnight, DOW dropped -0.47%. S&P 500 dropped -0.22%. NASDAQ dropped -0.00%. 10-year yield rose 0.017 to 3.054.

Fed Kashkari: US economy in a completely unbalanced situation

Minneapolis Fed President Neel Kashkari said yesterday that the US economy is in a "completely unbalanced situation" of "maximum employment" and "very high inflation". He said, "it's very clear: We need to tighten monetary policy to bring things into balance."

"When inflation is 8% or 9%, we run the risk of unanchoring inflation expectations and leading to very bad outcomes that would cause us to have to be very aggressive -- Volcker-esque -- to then re-anchor them," he said.

"We  needed to err on making sure we are getting inflation and only relax when we see compelling evidence that inflation is well on its way back down to 2%," he added.

WTI oil ready for a bounce through 100

Oil prices rebounded this week on the prospect of production cut by OPEC+. Saudi Energy Minister Prince Abdulaziz bin Salman was quoted earlier that OPEC+ has the commitment, flexibility, and means to deal with challenges and provide guidance including cutting production at any time and in different forms. However, upside is so far capped as Reuters, based on information from nine OPEC sources, said productions cuts may not be imminent, and might coincide with Iran's return to the market.

Technically, the conditions for a stronger bounce for WTI crude oil are there. Bullish convergence conditions are seen in both 4 hour and daily MACD. A near term falling channel resistance is already broken. More importantly, 86.41 is close enough to an important cluster support at 85.92, with 100% projection of 131.82 to 93.47 from 124.12 at 85.77.

Immediate focus is now on 95.91 resistance. Firm break there should confirm near term reversal for 103.84 resistance and possibly above. Also, in case of another fall, strong support is expected from 85.77/92 to contain downside.

Looking ahead

The economic calendar is empty in Europe. Main focuses are on US durable goods orders and pending home sales later in the day.

GBP/USD Daily Outlook

Daily Pivots: (S1) 1.1740; (P) 1.1809; (R1) 1.1900; More...

A temporary low is formed at 1.1716 with current recovery. Intraday bias in GBP/USD is turned neutral first. Upside of recovery should be limited by 1.2002 support turned resistance to bring another fall. Break of 1.1716 will resume larger down trend to 1.1409 long term support.

In the bigger picture, fall from 1.4248 (2018 high) could be a leg inside the pattern from 1.1409 (2020 low), or resuming the longer term down trend. Deeper decline is expected as long as 1.2292 resistance holds. Next target is 1.1409 low. However, firm break of 1.2292 will bring stronger rise back to 55 week EMA (now at 1.2859).

Economic Indicators Update

GMT	Ccy	Events	Actual	Forecast	Previous	Revised
12:30	USD	Durable Goods Orders Jul		0.60%	2.00%
12:30	USD	Durable Goods Orders ex Transportation Jul		0.20%	0.40%
14:00	USD	Pending Home Sales M/M Jul		-2.50%	-8.60%
14:30	USD	Crude Oil Inventories			-7.1M

Oil prices rebounded this week on the prospect of production cut by OPEC+. Saudi Energy Minister Prince Abdulaziz bin Salman was quoted earlier that OPEC+ has the commitment, flexibility, and means to deal with challenges and provide guidance including cutting production at any time and in different forms. However, upside is so far capped as Reuters, based on information from nine OPEC sources, said productions cuts may not be imminent, and might coincide with Iran's return to the market.

Technically, the conditions for a stronger bounce for WTI crude oil are there. Bullish convergence conditions are seen in both 4 hour and daily MACD. A near term falling channel resistance is already broken. More importantly, 86.41 is close enough to an important cluster support at 85.92, with 100% projection of 131.82 to 93.47 from 124.12 at 85.77.

Immediate focus is now on 95.91 resistance. Firm break there should confirm near term reversal for 103.84 resistance and possibly above. Also, in case of another fall, strong support is expected from 85.77/92 to contain downside.

USD/JPY:

On the H4 chart, price has confirmed a bullish momentum breaking the previous high and tested the first resistance at 137.549 where the 78.6% fibonacci retracement and 161.8% extension sits. It has pulled back slightly but if bullish momentum continues, it will bring the price to 139.397 where the swing high sits. Alternatively if price pulls back, it should test the first support at 135.430 where the 61.8% projection sits and the second support at 131.758 where the swing low sits

Areas of consideration:

• H4 time frame, 1st resistance at 137.549
• H4 time frame, 1st support at 135.430

DXY:

On the H4, prices seem to be moving in an ascending trend and is in a bullish momentum. Price has tested first resistance at 109.291 where the 78.6% Fibonacci projection and the previous swing high sits and has pulled back slightly to the 23.6% retracement levels. If price fails to break the first resistance, it should pull back to test the first support at 107.453 where the 38.2% retracement and 78.6% projection sits and subsequently the second support at 106.380 where the 61.8% retracement sits

Areas of consideration:

• H4 time frame, 1st resistance at 109.291
• H4 time frame, 1st support at 107.453

EUR/USD :

On the H4, prices have broken the ascending trend and are below the ichimoku indicator, we are bearish bias. Prices are testing the first support at 0.9955 where the 61.8% projection sits. Alternatively, prices could pull back to test the first resistance at 1.0116 where the previous swing low sits and subsequently the second resistance at 1.0353 where the 61.8% retracement and swing high sits

Areas of consideration :

• H4 1st resistance at 1.0116
• H4 1st support at 0.9955

GBP/USD:

On the H4, prices seem to be in a bearish momentum. It is currently testing the first support at 1.1760 where the swing low sits. Alternatively, price can pull back to test the first resistance at 1.2004 where the 50% retracement and 100% projection sits. Subsequently testing the second resistance at 1.2282 where 78.6% retracement and the swing high sits

Areas of consideration:

• H4 1st resistance at 1.2004
• H4 1st support at 1.1760

USD/CHF:

On the H4, with prices moving above the ichimoku cloud and breaking the descending trend, we are bullish bias. Price is testing the first resistance at 0.9657 where the previous swing high sits. If price continues with the bullish momentum it will test the second resistance at 0.9734. Alternatively, prices could test the intermediate support at 0.9469 where the swing low sits and then the first support at 0.9369 where the 78.6% fibonacci retracement sits

Areas of consideration

• H4 1st support at 0.9369
• H4 1st resistance at 0.9657

XAU/USD (GOLD):

On the H4, with prices moving within the descending trendline, below ichimoku cloud, we have a bearish bias that the price may drop to the 1st support at 1728.086, which is in line with the 61.8% fibonacci retracement, if the price break this level, it may drop to the 2nd support at 1712.493, where the 78.6% fibonacci retracement and swing low are. Alternatively, the price may pullback and rise to the 1st resistance at 1765.693, where the 50% fibonacci retracement is. Take note the 1741.612 could be our intermediate support, which is in line with the pullback support.

Areas of consideration:

• H4 time frame, 1st support at 1728.086
• H4 time frame, 2nd support at 1712.493

AUD/USD:

On the H4, with the price going within the descending channel and below ichimoku cloud, we have a bearish bias that the price may drop to the 1st support at 0.68585, which is in line with the previous swing low. If the price breaks the 1st support, we can expect it to drop to the 2nd support at 0.67798, where the 78.6% fibonacci retracement is. Alternatively, the price may rise to the 1st resistance at 0.69671, where the swing high and 38.2% fibonacci retracement are.

Areas of consideration

• H4 1st support at 0.68585
• H4 2nd support at 0.67798

NZD/USD:

On the H4, with the price moving within the descending trendline, below ichimoku cloud, we have a bearish bias that the price may drop to the 1st support at 0.61522, which is in line with the 78.6% fibonacci retracement and pervious swing low, if the price continue dropping, the price may drop to the 2nd support at 0.60603, which is in line with the swing low. Alternatively, the price may rise to the 1st resistance at0.62300, where the 23.6% fibonacci retracement and overlap resistance are. If the price break this resistance level, we can expect the price rise to the 2nd resistance at 0.63139, which is in line with the swing high and 50% fibonacci retracement.

Areas of consideration:

• H4 time frame, 1st support at 0.61471
• H4 time frame, 2nd support at 0.60603

USD/CAD:

On the H4, with the price above the ichimoku cloud and moving within the ascending trendline, we have a bullish bias that if the price break the 1st resistance at 1.29836, which is the current swing high and 38.2% fibonacci retracement, the price may rise to the 2nd resistance at 1.30632, which is in line with the swing high. Alternatively, the price may drop to the 1st support at 1.28899, where the 50% fibonacci retracement is. Take note the price of 1.29328 could be the intermediate support, if the price breaks this support, the ascending trendline will be broken.

Areas of consideration:

• H4 time frame, 1st resistance at 1.29836
• H4 time frame, 2nd resistance at 1.30632

OIL:

On the H4, with price breaking the descending channel and above ichimoku cloud, we have a bullish bias that the price may rise to the 1st resistance at 102.453, where the 100% fibonacci projection and overlap resistance are. If the price breaks this level, we can expect the price to rise to the 2nd resistance at 105.927, where the swing highs are. Alternatively, the price may drop to the 1st support at 99.454, where the 23.6% fibonacci retracement and pullback support are.

Areas of consideration:

• H4 time frame, 1st resistance at 102.453
• H4 time frame, 2nd resistance at 105.927

Dow Jones Industrial Average:

On the H4, with price breaking out of the ascending trendline and moving below the ichimoku indicator, we have a bearish bias that price will drop to 1st support at 32623 where the pullback support and 38.2% fibonacci retracement are. Once there is downside confirmation of price breaking 1st support, we would expect bearish momentum to carry price to 2nd support at 31921 where the pullback support, 61.8% fibonacci retracement and 127.2% fibonacci extension are. Alternatively, price could rise to 1st resistance at 33493 where the pullback resistance is.

Areas of consideration:

• H4 time frame, 1st resistance of 33493
• H4 time frame, 1st support at 32623

DAX:

On the H4, with price breaking out of an ascending channel and moving below the ichimoku indicator, we have a bearish bias that price will drop to the 1st support at 13025.67 where the pullback support, 61.8% fibonacci retracement and 100% fibonacci projection are. Once there is downside confirmation that price has broken 1st support, we would expect bearish momentum to carry price to 2nd support at 12394.01 where the swing low support and 161.8% fibonacci extension are. Alternatively, price could rise to 1st resistance at 13378.95 where the overlap resistance is.

Areas of consideration:

• H4 time frame, 1st resistance of 13378.95
• H4 time frame, 1st support at 13025.67

ETHUSD:

On the H4, with price breaking out of an ascending channel and moving below the ichimoku indicator, we have a bearish bias that price will drop from the 1st resistance at 1642.25 where the pullback resistance is to the 1st support at 1357.12 where the swing low support and 61.8% fibonacci projection are. Alternatively, price could break 1st resistance and rise to 2nd resistance at 1792.30 where the overlap resistance, 50% fibonacci retracement and 61.8% fibonacci projection are.

Areas of consideration:

• H4 time frame, 1st resistance of 1642.25
• H4 time frame, 1st support at 1357.12

BTCUSD:

On the H4, with price breaking out of a bullish channel and moving below the ichimoku indicator, we have a bearish bias that price will drop to 1st support at 20708.23 where the -61.8% fibonacci expansion, 161.8% fibonacci extension and swing low support are. Once we have downside confirmation of price breaking 1st support structure,we would expect bearish momentum to carry price to 2nd support at 18865.89 where the swing low support is. Alternatively, price could rise to 1st resistance at 22560.82 where the pullback resistance and 38.2% fibonacci retracement are.

Areas of consideration:

• H4 time frame, 1st resistance of 22560.82
• H4 time frame, 1st support at 20708.23

S&P 500:

On the H4, with prices moving above the ichimoku indicator, we have a bullish bias that the price will rise to 1st resistance at 4182.68 where the pullback resistance is. Once there is upside confirmation of price breaking 1st resistance structure, we would expect bullish momentum to carry price to 2nd resistance at 4322.79 where the swing high resistance and 127.2% fibonacci extension are. Alternatively, price could drop to 1st support at 4089.97 where the pullback support and 38.2% fibonacci retracement are.

Areas of consideration:

• H4 time frame, 1st resistance of 4182.68
• H4 time frame, 1st support at 4089.97

Minneapolis Fed President Neel Kashkari said yesterday that the US economy is in a "completely unbalanced situation" of "maximum employment" and "very high inflation". He said, "it's very clear: We need to tighten monetary policy to bring things into balance."

"When inflation is 8% or 9%, we run the risk of unanchoring inflation expectations and leading to very bad outcomes that would cause us to have to be very aggressive -- Volcker-esque -- to then re-anchor them," he said.

"We needed to err on making sure we are getting inflation and only relax when we see compelling evidence that inflation is well on its way back down to 2%," he added.

Key Highlights

• AUD/USD declined sharply and tested the 0.6860 support zone.
• A key bearish trend line is forming with resistance near 0.6965 on the 4-hours chart.
• Crude oil price found support near $87.20 and recovered above $92.00.
• The US Manufacturing PMI declined from 52.2 to 51.3 in August 2022 (Preliminary).

AUD/USD Technical Analysis

The Aussie Dollar started a major decline from well above 0.7100 against the US Dollar. AUD/USD traded below the 0.7000 support zone to move into a bearish zone.

Looking at the 4-hours chart, the pair settled below the key 0.7000 support, the 100 simple moving average (red, 4-hours), and the 200 simple moving average (green, 4-hours). The decline gained pace below the 0.6920 support zone.

However, the bulls were active near a major support at 0.6860. A low was formed near 0.6858 and the pair is now consolidating losses.

There was a minor upward move above the 23.6% Fib retracement level of the key decline from the 0.7136 swing high to 0.6858 low. On the upside, the pair is facing resistance near the 0.6965 level.

There is also a key bearish trend line forming with resistance near 0.6965 on the same chart. The next major resistance is near the 0.7000 level. It is near the 50% Fib retracement level of the key decline from the 0.7136 swing high to 0.6858 low.

A clear move above the 0.7000 resistance might send the pair higher towards the 0.7120 level. If there is no upside break, the pair might resume its decline below the 0.6900 level.

The next major support is near the 0.6860 zone, below which the bears might gain strength. In the stated case, the pair may perhaps decline towards the 0.6720 level in the coming days.

Looking at crude oil price, there was a strong buying interest near the $87.20 zone and the price was able to recover above $90.00. However, there is a still a major hurdle near the $95.00 level.

Economic Releases

• US Durable Goods Orders for July 2022 – Forecast +0.6% versus +2% previous.
• Nondefense Capital Goods Orders ex Aircraft for July 2022 – Forecast +0.3% versus +0.7% previous.
• US Pending Home Sales for Feb 2022 (YoY) - Forecast -4.0%, versus -8.6% previous.

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