A minor uptick in the Fed’s nomenclature regarding the nature of the recovery. Last month, the expansion was described as modest to moderate. Today’s description was just moderate, so a slight improvement.
Bear in mind, the data was gathered prior to May 25. Read the full report here.
Zero market reaction… As noted earlier, a poor report was priced in, so risks are to the downside for EUR/USD if you feel the odds of QE are reduced by the report.
1.2520/30 should contain dips near-term.
