The USD is mixed as we head into the NA session, with commodity currencies (ex-CAD) outperforming following the re-lease of China’s retail sales and industrial production as EUR gains sup-port from steady final country-level inflation data while CAD remains flat with GBP and JPY underperforming. The U.S. 10Y is unchanged around 2.37%, and equity futures are hinting to modest risk appetite as we look to a NA session that will be dominated by U.S. labor releases (claims, JOLTS—middle chart) and Fedspeak with Plosser, Yellen (delivering wel-coming remarks) and Kocherlakota offering comments following on a steady tone from NY Fed President Dudley in which he affirmed expecta-tions for a 2015 rate hike. Oil prices are under modest pressure and like-ly to remain a focus as market participants consider Wednesday’s com-ments from Saudi oil minister al-Naimi as he dampened expectations for a supply response and sent both Brent and WTI To fresh closing lows.
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