By Chris Becker
Friday night saw the release of a slew of European economic data, namely 2Q GDP prints for Germany, Italy and EZ itself. Both the German and EZ prints were better than expected, while Italy lagged, the net result being the Euro spiked but then sold off against USD for a relatively calm night on markets. The USD came back against all the majors, except Yen, with European and US stocks both treading water or slowly sinking backwards to end the week on a lack of confidence. Gold didn’t do much in response, while oil broke out again even higher on continued speculation of some production freezes at the upcoming OPEC meeting.
As usual for Monday’s report, I’ll zoom out and look at the weekly and daily charts for a longer term picture.