The Dallas Fed just released its Texas manufacturing output index, and it makes for grim reading, as they say. The index fell to -17.4 in July from -7.0 in June. The index of General Business activity fell to -35.5 from 20.4.
Texas has held up better than most parts of the US, so the sub-par data should raise a few warning flags.
EUR/USD has pulled back to the mid-1.4220s after markets failed to get a boost from upbeat US home sales data. More support is at 1.4200/05.
