FX Closing Comments

The Dollar was flat today, holding steady while the Dow toyed with a record high. In terms of data, the durable goods report was soft, though not dramatically so. The ex-transportation number at -2.0 was a bit surprising, however, these figures are notoriously volatile. More encouraging was the new home sales data, which slipped less than expected (1.05m annualized). This resilience in the housing market, which implies of "soft landing" for the economy, combined with an active stock market, were enough to keep the Dollar above water today. Tomorrow will bring us the final Q2 GDP figure, which is expected to be 3%.