Two separate data points show the ever increasing divide between domestic and offshore fortunes
The buck has looked at the ISM and construction numbers and seen the pattern. Concerns over international business in manufacturing have been countered by a strong domestic showing in construction
As Greg noted. Private residential construction rose 1.3% vs 0.6% prior and public spending rose 0.5% vs -1.3% in July. Throw today's auto sales data into the mix and we have reasons why the domestic economy is still looking steady
That doesn't excuse the manufacturing data entirely but it does highlight the differences between the domestic and international sides of the economy. As the Fed only have policy control over the US, that's what counts
There's been nothing for the dollar to really move on and I think we would have seen it lower if construction hadn't come to the rescue 119.60 is playing support again, even after the blow through
We've just rolled through the first London fix of the month with only cable and EURGBP looking like they've done something. That should be that for this particular episode and now we slide into the non-farm payrolls tomorrow via Japanese household spending and unemployment
The fun never stops
