From Marc Chandler at Bannockburn Global Forex:
The US dollar is mostly firmer today, but largely within the well-worn ranges seen recently against most of the G10 currencies. The news stream is light, but the US has stepped up the strikes against Iran, and August WTI is back around $80 a barrel. The eurozone’s May industrial output unexpectedly fell, while Japan May industrial output was revised lower but activity in the service sector improved. China’s Q2 GDP disappointed, though June retail sales and industrial output were firmer than expected.
Earlier this month, the US reported disappointing jobs growth in June and yesterday reported a softer than expected June CPI. After Federal Reserve Governor Waller’s seemingly hawkish comments on Monday, there was increased speculation of a rate hike as early as this month’s FOMC meeting. After the CPI, the odds were more than halved. Fed Chair Warsh maintained his hawkish line and commitment to bring inflation down in his testimony before Congress yesterday. He returns to testify before the Banking Committee today. The questions will differ, but the answers will remain the same....
....MUCH MORE
