FX Closing Comments

The FX week crawled to an end today, with most pairs sticking to familiar and tight ranges. The major events for next week are the durable goods report (expected to be up .5% for July, core up 1%) and housing sales figures. Most analysts expect housing to continue its a slide, which leaves open the possibility for some upside risk. A surprise increase, especially with new home sales, would confuse many and possibly lead to some Dollar firmness. At this stage, the Fed is likely to pause a second time in September, but much data remains.