Quiet day ends... and a quiet week ahead looms.

Today seemed to be a day where the markets tried to realize profits as dollar Mexico and Brazil backed up off thier lows on very limited trading. Colombia was very strange today ending the day almost 100 points lower from Wednesday's close (yesterday was a Colombian Holiday). Actually it opened lower and never recovered. I saw no real reason for the move.

On the big dollar I look for continued weakness over the near term. The FED seems to be strongly signaling a pause in the rate rise environment. My call for August therefore is for no change in the Fed Funds rate. The U.K. to me along with Europe (even more so) will remain in a rate rise environment. This should lead to am underlying bid to these currencies.

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