A weaker currency gives a tangible boost to exports despite the rise of global supply chains blurring the country of origin of many products, according to research published by the International Monetary Fund on Monday.
Globally, there was a significant amount of data to be released featuring GDP readings from many Euro Zone nations, retail sales from China and the United States and then EIA inventories later today. These economic data points are important when considering the demand factor in the price discovery of energy products.
It was another quiet over night session with little data out of the Far East and Europe. Better than expected German IFO data did provide a slight demand bid but it appears any real action will have to wait for today`s U.S. durable goods data.