Preliminary US June wholesale inventories now out 27 July
- 0.4% prev
A higher than expected/previous reading and puts a positive slant on US Q2 GDP data due tomorrow if you believe that rising inventories means suppliers are optimistic on future sales,rather than a sign of sluggish economy and goods staying on the shelves (as I perceive).
Better durables and trade balance but USD unfazed so we can think the higher inventory data is being deemed as sluggish with EURUSD 1.1690, USDJPY 111.46 and GBPUSD 1.3141.
US Wholesale Inventories mm
