While Q2 US GDP growth missed expectations at 6.5% (consensus 8.4%), the underlying details (here) were better than the headline growth number. The overall tone of the report lends evidence to the narrative that there is a rotation of the sources of growth relatively away from goods consumption (though still strong) and housing, toward services, investment and exports. That is a constructive indication of resilient growth not only on levels (chart 1) but also its shifting composition. The USD initially dipped on the headline miss but subsequently rallied after considering the drivers. The 10 year Treasury yield ... (full story)