FX Closing Comments

The Dollar rebounded today, largely as a result of Euro weakness. The Euro fell under pressure during the European session, which spilled over in the U.S. session, as a result of some soft data. Most notable, was the German ZEW index of investor/analyst sentiment, which fell much harder than expected. Tomorrow will bring the first significant piece of U.S. data. July existing home sales are expected to fall to 6.52m units. Nearly everyone is predicting continued softness, so there is an outside "upside" risk, which would benefit the Dollar. Thursday will bring durable good and new home sales.