US equity futures trade lower mid session, with the news that the leader of Hamas military wing was killed reigniting tensions and has received a lot of attention in the media especially considering a lack of US-specific headlines, with this apprehension and further middle-eastern tension moving equities into negative territory. Added to this was worse than expected Retail Sales data out of the US also contributed to the move to the downside however markets are tentative as they await the FOMC minutes due at 1900GMT/1300CST.
The prospect of a Japanese election supported USD/JPY as investors price in a potential leadership change that could lead to increased monetary easing. GBP/USD shows minor losses following dovish comments after a negative BoE inflation report and EUR/USD trades within a range with no significant market forces to move it.
WTI and Brent crude futures trade in positive territory as the escalating Israel-Gaza conflict brings concern over supply to prominence for investors. Looking ahead in the session the API Inventory numbers are due at 2130GMT/1530CST today after being postponed for the Veterans Day holiday.
Print 18:16, 14 Nov 2012 - Economic commentary - Source: RANsquawk
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