FX Closing Comments

The Dollar began the week moderately strong, with the Dollar Index gaining 29 ticks. The Pound, however, was soft on the day, on the back of a slack PMI figure for August. The New Zealand Dollar was also down on the day, owing to a warning statement from S&P. The biggest gainer was the Yen, which benefited from a very strong capital expenditure report. Tomorrow in the U.S., we look are looking for a revised Q2 productivity number near 1.5%.