Quiet day, oil stays off the highs after Pakistan positive noises but waits on the facts
Otherwise, drifting into the US CPI release
The quiet summer day continues heading into Wednesday’s key US data. Much of the intraday intrigue comes from the back-and-forth of wire comment on Iran – oil managing to at least level out off its highs after Pakistan suggests US-Iran 'close to peace arrangement or deal'. For now, the market has got used to reacting in measured way rather than predicting given the reoccurring pattern and so waiting on some facts.
US existing home sales meanwhile were pretty much on consensus, if with the prior month slightly revised down. Not particularly material either way however with the current focal point very much on inflation and the tell this data gives into the autumn policy decisions.