Good pending home sales numbers weren’t enough to overshadow a soft Chicago PMI as the US dollar sells off in the final day of Q2. The pound is the big story as it surges toward a barrier at 1.7100. The high so far is 1.7091 as shorts were squeezed out above 1.7060. Similar sort of move in EUR/USD as it takes out the early June (post ECB) high of 1.3677. I’d argue that the majority of the move is driven by disappointment about US growth but you can make the case the expectations of ECB QE are falling even after today’s HICP report. The turnaround in US trading is in the commodity bloc. The Australian dollar was the ... (full story)