The US economic data continuea to look a bit stronger. Tuesday’s retail sales report for July beat expectations, while, inventory showed a further slowdown in June.
Q3 GDP tracking estimate edged up to 2.3%. While, QE3 at the September 12-13 FOMC meeting remains possible.
With the current levels of the corn prices, so is the PBOC. Also, considering the statement of Rajoy for the ECB, who declared is not willing to do nothing as long as 10 Year yields are under 8%.
Source: Goldman Sachs