FX Closing Comments

The Dollar took it on the chin today, as the bulls felt their rate support slip further after the release of today's GDP data. The second-quarter number was reported at 2.5%, against expectations of 3%. The Fed funds market is now factoring only a 24% likelihood of an August rate hike. In terms of Middle East safe-haven buying, it is hard to notice any boost to either the Dollar or Swiss Franc, thus far in the conflict. In terms of Monday's data, we have the July Chicago Purchasing Managers' Index, which is expected to show a reading of 56.5. The previous reading was 56.5. There are also two Fed speakers, who will be speaking on US-Chinese trade (St. Louis' Pool) and the US economy (San Francisco's Yellen). Next week Friday will bring the major non-farm payroll figure, which is expected to show 155,000 new jobs for July.