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Watch out for Syria

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Uncertainty is very high regarding Syria after the UK Parliament voted against intervention. As nothing is going to happen in the very short-term, financial markets may focus again on economic data. Global sentiment is mildly positive after the upward revision in Q2 GDP growth yesterday. This morning, Japanese data were mixed, but showed inflation firmly up to +0.7% yoy. Core inflation remained negative nevertheless. There are many data on the agenda today, with in particular, personal spending, the Chicago PMI and consumer confidence in the US. The EUR/USD pair weakened sharply yesterday and still seems on its way down to 1.31.