-
USD/JPY selling recedes ahead of PCE inflation, crude oil slips in a gain
US growth far surpassed expectations in Q2, rising 2.8% q/q compared with 2% estimated and 1.4% prior. Core PCE prices increased at a slower pace than feared at 2.9% q/q, although slightly above the 2.7% previously. Personal spending was also a beat at 2.3%. Overall, this plays into the soft landing scenario the Fed are aiming for and does little to derail expectations of a cut in September, although there has been some speculation that they could move as soon as next week (which I doubt they will, for what it is worth). Wall Street initially rose on the back of the data, but sold off in the final hours of the day as ... (full story)