Having such a dramatic start of the week when the S&P500 plummets to nearly 1800 points only to recover above 1900 pts. macroeconomic data has potentially little impact on the markets.
However, the package from the US that we are having today is at least worth to take a look at, given the fact that the Fed's decision is still not a "done deal".
- The list includes
- PMI services and composite (2.45pm BST)
- New Home sales
- Richmond's Fed
- Conference Board consumer confidence (all 3 at 3pm BST).
From this list consumer confidence seems to be crucial. The consensus assumes a rebound from 90,9 to 93,4 pts. following a decline from 99,8 pts. that we saw in June. A strong US labor market plus cheaper fuel should - in theory - help sentiment. The data has been very volatile as of late, though.