The NY session finally brought the much awaited break in currencies. The risk trade offered little direction as equities closed about flat for the fourth consecutive day this week. US economic data was mixed with the backward looking 2Q GDP revision coming in better than expected at an unchanged -1.0%. Meanwhile, initial jobless claims were a touch worse than forecast at 570K after a 580K print the prior week. This left stocks better offered in early NY trading but they would eventually grind their way back up into the close. Full text »
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