From Societe General:
The US August data round shows slightly soggy employment data and distinctly underwhelming purchasing managers’ surveys, which, taken together, are more consistent with an economy growing at a 1% clip than the 2%+ that everyone expects. The Beige Book report was less downbeat, and it’s still likely that the FOMC meeting in two week’s time will see an attempt to encourage markets to price in a slightly faster pace of rate hikes than they currently do. But the chances that the committee will actually raise rates this month seem pretty small. So, there’s nothing there to help the dollar.
