Daily Market Review 16 of August
Another round of mix macro data came out yesterday which sends the markets looking for direction as they did for the entire week.

On the positive side, industrial production in the U.S. rose more than expected in July. This data came one day after a report showed that U.S. retail sales broke four successive months of declines in July, jumping 0.8%, outstripping expectations for a 0.3% increase.

On the negative side, manufacturing activity in New York fell into contraction territory in August for the first time since October 2011.

Today, a fairly positive data came out this morning with the Euro-Zone Consumer price index held steady in July, unchanged from preliminary estimates.

In a report, Eurostat said consumer price inflation held steady at 2.4% in July, unchanged from the previous month and in line with market expectations.

A similar picture seen in the UK retail sales today as it rose unexpectedly in July, indicating that the U.K. economy may not be as weak as feared.

The Office for National Statistics said U.K. retail sales rose by a seasonally adjusted 0.3% in July, defying expectations for a 0.1% decline.

Cisco systems, the biggest maker of computer-networking equipment reported quarterly profit and sales yesterday that topped analysts’ estimates as job cuts kept costs in check and price reductions attracted customers. Cisco pre-market trading indicates on 5.7% pop at the open today which might boost the Nasdaq index as well.

Wall Mart, the world’s biggest retailer and employer is expected to report its earning a head of the bell today. This report might indicate on the US economy stats and influence on the market sentiment.

Also today, the U.S. official data on building permits and housing starts, as well as weekly government data on unemployment claims and data on manufacturing activity in the Philadelphia area.  

EUR/USD The euro consolidates today near 1.2270, falling for third consecutive session as lack of key data out of the euro zone and Renewed rumors about Spain and an imminent bailout as well as comments regarding Greece could ask for more time to meet its targets were taking a toll on the markets earlier.