Friday17th July 2026
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It’s been a quiet day for data but another busy 24 hours for action in the Gulf. In the US retail sales rose, the Philly fed manufacturing index is up, job claims are down – and for a reminder of how great things are, Donald trump is giving an address to the nation this morning our time. Phil talks to NAB’s Rodrigo Catril about this moderate rise in US exceptionalism and discusses why oil has fallen despite declining hope for a peaceful resolution to the conflict. It’s been stuck in a tight trading range the last few days, what will push it out of that and in which direction? Inflation expectations from the Michigan Fed’s Consumer Survey today will be of interest, but it’s a light calendar for data releases.
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