Another Look at Tuesday Currencies
Marc Chandler submits:
The major currencies traded choppily in the New York session today, largely within the ranges establishing in Europe. Of note today, the US economic reports warn of the risk of a downward revision to Q2 GDP and probably softer retail sales than had been expected. It helps serve to keep the speculation a renewed QE by the Fed alive.
The BEA had assumed that nondurable inventories rose, but today’s factory goods orders indicate they fell. The revision to GDP could bring it closer to 2%.
Auto sales look a bit softer than expected, especially by the "Big Three" despite some new incentives. This may see economists cut the July retail sales forecasts.
