North American Summary and Highlights 28 Aug
Overview - In a subdued session the USD was slightly softer despite positive US economic data.
North American session
Despite positive US economic data, the USD softened modestly in North America. EUR/USD gains from 1.1650 stalled just ahead of 1.17. AUD. CAD and GBP were marginally firmer. EUR edged higher on the crosses, notably EUR/CHF which advanced to .9360 from .9330. USD/JPY traded in a tight range near 147.
Q2 US GDP was revised up to 3.3% from 3.0% with the revision led by domestic demand, business investment in particular. Initial claims fell to 229k from 234k while continued claims fell to 1.954m from 1.961m.
European morning session
Another quiet session in Europe saw the USD marginally lower against most of the riskier currencies and little changed against the JPY and GBP. EUR/USD and AUD/USD were both up 10 pips to 1.1650 and 0.6520 respectively, and USD/CAD fell 10 pips to 1.3775. The SEK was the best performer, with EUR/SEK losing 2 figures to 11.07, helped by modest improvements in business and consumer confidence indices in August.
Eurozone data was weaker, with The European Commission business and consumer survey falling slightly on the month, and M3 growth rising slightly less than expected to 3.4%. But the data was not far from consensus and had no real impact.