FX Closing Comments

FX pairs were largely unchanged today, though equities sold-off in the face of worse than expected existing home sales. Many stock market bulls are edgy ahead of tomorrow's new homes data, which will be released along with July's durable goods report. Tomorrow, during the European session, the Dollar stands to gain if the influential German IFO index puts in a pessimistic showing. With the surprise fall with the German ZEW index of investor sentiment earlier in the week, many are wondering if the companies themselves are equally as grim. Expectations are calling for a 105 reading.