Dollar still looking down after latest economic data
Here's one of those times when what would normally be a half decent beat of expectations doesn't move the market
Looking further into the numbers the market is pointing to shipments as the weak link. The cap goods shipments ex-air fell 0.1% vs +0.6% exp, and the prior +0.3% was revised down to -0.3%
That's got economists looking at the low side of expectations for the GDP numbers on Thursday
As I noted though, there are reasons why this report isn't as bearish as maybe some are seeing
USDJPY made a new low at 123.09 and this is quite a switch from the usual moves we see running up to an FOMC meeting. As far back as I can remember over the last year or so, the dollar has gone bid in the days leading up to the FOMC. Maybe this time they are building in some disappointment
Is this the time they are caught out?
