No green shoots to speak of in the Beige Book.
- Conditions weak or worsened through May
- Expectations improved but big gains in activity not expected through year-end
- Labor markets stayed weak
- Wages falling or flat
- Residential real estate still weak
- Retail sales soft
- credit improved
- 5 of 12 districts show moderating downward trend
- Demand for natural resources remain depressed
Stocks remain under pressure, helping support the dollar further. EUR/USD has broken 1.3930 support. USD/CAD stops are eyed above 1.1200.
