The US dollar is trading firmly in Europe after consolidating yesterday's gains during the Asian session and ahead of the first look at Q2 GDP. Yesterday's economic reports, including durable goods orders and inventory data, saw the Atlanta Fed's GDPNow tracker lower its forecast to 3.8% from 4.5%. Most market surveys likely do not incorporate the impact of yesterday's reports, suggesting some downside risk. The White House has been playing up a strong report, though in fairness a 3.8% report would still be regarded as strong. Nevertheless, there does appear to be widespread recognition that the robust pace is not ... (full story)