A dramatic week ended without too much additional fanfare on Friday. The global yield back up extended but only slightly, the dollar finished fairly flat overall and stocks mixed (US mostly higher, Europe weaker). Neither the US core PCE deflator (1.4% from 1.5%) nor Eurozone HICP (1.3% from 1.4%) sprung surprises sufficient to prompt market volatility. Of more interest as it turned out, the Chicago PMI jumped by over 6 points to suggest upside risk to Monday’s manufacturing ISM, while a very strong Canadian Q2 Business Survey looks to have sealed the deal in terms of the Bank of Canada being the first cab off the rank to translate the recent shift in central bank rhetoric into action. Meanwhile the narrow DXY US DIllar index ended Q2 recording its biggest quarterly loss since Q3 2010. This week’s top drawer US economic data has a lot to live up to if there is to be any love left for the US dollar at the start of Q3.