FX Closing Comments

Once again the Dollar held its own, with DXU06 up 43 ticks. In terms of data, however, the news was on the soft side. July wholesale inventories were unchanged at .8%, but wholesale sales up only 0.4% in July, against expectations of 1.2%. Last month's figure was 1.4%. Aside from the Yen, which was up only slightly on the day, all other majors were down. As expected the Bank of England held tight at 4.75%. Looking ahead, the week may putter-out softly, as little U.S. data remains. Tomorrow will bring only consumer credit figures for July, which are expected at 5 billion.