Muted reaction to data as mortgage delinquencies take the wind out of the manufacturing data. Traders are mindful as well that while manufacturing is clearly improving, consumption remains slack. Once inventories are rebuilt, manufacturing could easily sputter again.
As the mortgage delinquency report shows, consumers are having trouble keeping a roof over their heads amid high unemployment. That situation is unlikely to changes significantly in the next few quarters.
EUR/USD has eased back to where it began while USD/JPY is consolidating gains in the 94.20s. EUR chnages hands at 1.4213.
