- US Q2 GDP rises 2.4%, close to expectations; Q1 GDP revised sharply higher, 3.7% from 2.7%
- NY ISM falls to 58.4 in July from 69.3 in June, lowest in 11 months
- Canadian GDP rises 0.1% in May from 0.0 in April
- Chicago PMI firmer than expected at 62.3 in July from 59.1 from June
- University of Michigan consumer sentiment index 67.8 in final July reading up from preliminary 66.5; June final was 76.0
- White House: Headwinds from Europe slowed US growth in Q2
- S&P 500
- US 10-yr note yield slides to 2.90% on month-end demand for Treasuries; 2-yr at record 0.55%
EUR/USD recovered losses seen in late European morning trade, bouncing from near 1.2980 to as high as 1.3070 on squaring from intraday shorts just prior to the London close. Demand for EUR was modest at the month-end fixing relative to the flows seen in some of the other pairings.
GBP/USD was in a great deal of demand at the close of the month. Prices raced higher from 1.5580 US lows to 1.5720 highs as London closed up shop. Fixing demand got lit the fuse and short-covering into the close caused the explosion. The 1.5690-ish close is the highest since February.
AUD was in demand today though the numbers were scaled back from yesterday’s outlandish predictions. We equaled the trend high at 0.9067 today and close at 0.9045. Fixing demand was the key for today”s higher prices. A recovery in US equities from 1% losses to close especially flat helped the cause.
USD/JPY was quite volatile today, falling as low as 0.8595 in the wake of the mixed US GDP data. Prices rallied sharply after the upbeat Chicago PMI figures caught the market short and US equity markets stabilized. Low US bond yields limited rallies to 86.73 right bear the fixing. We end at 86.35.
For you Commitments of Traders fans, here is the link to the latest data.