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Not much to contemplate on the economic calendar today

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It’s a mid-August day without any meaningful economic data.Normally that means a quiet market but these aren’t normal times. The US dollar is on the defensive today, particularly against commodity currencies. AUD and NZD are strongly higher while a slide in oil prices has the loonie trailing.The market is pricing in a 68% chance of a 75 bps Fed hike at the Sept 21 meeting and that’s not likely to change much today. There’s no schedule Fedspeak and the only data point is the July employment trends report at 10 am ET.For more, see the economic calendar.

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