Another ramp job is underway, this time led by a resilient USDJPY. Though CL is in a position to be the spoiler as it might finally recouple with the incredibly bearish fundamental picture.
A reminder: this is a big week for economic data — with PPI, CPI, retail sales, housing starts and permits, Philadelphia Fed and leading indicators all on deck. The most important, IMHO, is CPI.
Though the Fed supposedly doesn’t use it, and though it woefully understates the true state of affairs, a significant headline beat of the 0.2% expected could be the tipping point for the Fed’s March meeting. We’ll look for some hints in Yellen’s testimony on Tuesday.
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