Private capital moved out of US in May, official capital moved in

The US saw a substantial net outflow in May of $37.2 bln but foreign officials flows were in-bound by 15.6 bln. Private flows were outbound by a substantial $82.2 bln.

The market has ticked up a bit (pun intended) on the data, but bear in mind it is nearly 2 months old.We trade at 1.4142.

Philly Fed is key in the near-term. An upbeat number will whip up risk appetites further.