Markets dodged another bullet as Irma was bad but not as bad as it could’ve been. That’s not to make light of the situation, it was a category 6 just the other day. But before any of you get excited Jesse Colombo @thebubblebubble tweeted a report from calculatedriskblog.com that Harvey could result in 300,000 new mortgage delinquencies.
Arguably the most important data for this week will be released later on today: the U.S. Consumer Price Index. Both headline and core CPI are expected to have risen 0.2% month-over-month in July. On a year-over-year basis, CPI is seen rising to 1.8% from 1.6% in June, while core CPI is expected to have remained unchanged at 1.7% last month. If the Producer Price Index (PPI) measure of inflation is anything to go by then CPI may also miss expectations. If so, the U.S. dollar could resume its downtrend, which could underpin buck-denominated precious metals further in these times of heightened geopolitical uncertainty.