It was a quiet day for data in the US but the greenback weakened nonetheless. This was mainly due to an increasing risk on sentiment as fears over a Chinese recession lessened following comments from the governor of the Bank of China. Yi Gang said that there would be stronger support for the economy.
There is plenty of housing data out this week, including housing starts today and existing home sales tomorrow. Demand has been slack owing to rising costs and mortgage rates.
There will also be a flash reading for PMI for July, where the markets are expecting something along the lines of last month, at around 52.
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