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Volatility Gains on Choppy Trading   
Fri, 11 Jul 11:27 AM EST/04:27 PM GMT
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Economic Data
- (IE) Ireland May Industrial Production M/M: -2.3% v +9.4% prior; Y/Y: 22.3 v 25.3% prior
- (IN) India May Industrial Production Y/Y: 4.7% v 3.4% prior
- (CA) Canada Jun Net Change in Employment: -9.4K v +20.0Ke; Unemployment Rate: 7.1% v 7.0%e
(MX) Mexico May Industrial Production M/M: 0.1% v 0.3%e; Y/Y: 1.6% v 1.9%e
- (MX) Mexico Central Bank (Banxico) leaves overnight rate unchanged at 3.00%, as expected

- US trading has been volatile this morning after yesterday's rollercoaster ride. As of writing, the DJIA is down 0.17%, the S&P500 is down 0.11% and the Nasdaq is up 0.20%.

- Fed hawk Plosser minced no words in an interview on the first day of the Jackson Hole conference. Plosser warned that the Fed was falling behind the curve on rates and said he was afraid the FOMC could find itself in a situation where it was forced to play catchup with markets, raising fed funds faster than markets expected. Plosser's position is that monetary policy needs to react as the Fed gets closer to its objectives and rates need to rise before targets are met.

- WTI crude is falling even lower this morning, down 1.5% today to $101.30. Traders say the continuing slump in summertime gasoline demand and growing stocks at Cushing, OK continues to drive the contract lower.

- In Europe, both Portuguese and EU officials have rushed in to reassure markets that the Banco Espirito Santo situation is a one-off and that contagion would result from a limited situation. Officials from the bank said the firm had plenty of capital on hand. Yields on Portugal's 10-year government debt have come in 12 bps and spreads have narrowed throughout the periphery, and Italy manag ...
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