FX Pairs Were Tame Yesterday

FX pairs were tame yesterday, though the nod went to the U.S. Dollar. The durable goods report was generally well received by the stock market, as the non-defense portion was healthy at 1.5%. The currencies were, however, largely unaffected and pairs kept to their recent ranges. Earlier this morning in Europe, Q2 GDP growth in the UK was reported a notch higher than expected (.8% monthly gain, 2.6% y/y). This more robust growth is in keeping with Exchequer Chancellor Gordon Brown's optimistic view of the UK's fiscal health, which bodes well for his political aspirations. Read More....