USD Flows: Semiconductor break more in focus than the data
Semiconductor break today the main interest rather than data
Sets the tone into next week, watching wider volatility performance
Housing starts rebound in June to take back some of the drop of the last couple of months, while it’s the opposite for permits. Data in any case is peripheral to today’s focus, with attention more on the tech driven stock pullback.
Worth noting in that regard that semiconductors took out key support (recent major high/low and 38% retracement of the rally from April) with the gap down which could open some quick downside to the 50% retracement (another 8% down) and the 19th May low (-10%).
That sets the backdrop through today and into early next week, watching to see also if general volatility picks up to unsettle the lethargy aided summer carry.