FX Closing Comments

The Dollar was mixed and range bound today in a quiet session that saw very little price action. The Dollar Index closed down a mere 5 ticks. There was a bit of soft data released in the form of the Institute of Supply Management's index on manufacturing activity, which fell to 53.8 against expectations of 54.4. This low number came on the same day when all of Europe's comparable numbers were up significantly from expectations, implying that growth in manufacturing was tilting towards the other side of the Atlantic. After the 4th of July holiday, the next big number will be Friday's non-farm payroll figure, which is expected near 165,000.