What’s in this week’s Report:
- Why Is The Dollar At New Lows?
- Tax Cuts – Where Do We Stand?
- Oil Update
- Momentum Indicators – More Signs of Weakness
- Weekly Market Preview (A Lot of Important Numbers Are Coming)
- Weekly Economic Cheat Sheet
Futures are fractionally lower following a generally quiet weekend for markets, outside of Hurricane Harvey.
Hurricane Harvey caused RBOB gasoline prices to spike to 2 1/2 year highs and pushed oil prices down 1%. At this point, the economic impact of Harvey remains a local one for commodities markets and the region. Refined product markets will recover in time, as will the resilient people of Houston.
The biggest non-Harvey story in markets this morning is the dollar, which sunk to a 16 month low while the euro surged to a 2 ½ year high. The catalysts were two-fold: Draghi didn’t ta