US business continue to run lean and mean, working down inventories in July. Inventories fell 1.0%, which will subtract from GDP. The market anticipates that inventory rebuilding from very low levels will help boost the US economy later in the second-half of 2009.
EUR/USD trades in the 1.4580s after swinging in a range between 1.4560 and 1.4615 in the last hour. Options have expired, so perhaps there is a slightly more open playing field to the downside now that the 1.4560s have been wiped from the books.
