FX Closing Comments

The Dollar slide back a little today, as markets digested the brisk new housing figures and marked time until Thursday's Fed meeting. On an annual basis through June, new home sales grew to 1.234 million, which was higher than the expected 1.180m. Existing home sales are due tomorrow and expected at 6.695 million. Also tomorrow, during the European session, the German IFO index is expected at 105.5. Beyond those reports, the big day is Thursday when the Fed will release their decision and commentary. Thursday will also see a revision to the 1st quarter's GDP figure. An upward revision is expected, which would imply stronger-than-anticipated growth and a potentially higher peak in the Fed funds rate.