Overnight, we got end-of-the month statistics from Japan. While there was a positive report in the form of stronger than expected household spending for the month of June, a rise in the unemployment rate and a drop in industrial production dampened any enthusiasm for the Japanese economy.

Today’s GDP data is another piece of data that underwhelmed, and adds to the string of releases casting a long shadow over the US recovery. It’s a good snapshot of where the economy is right now as it showed that consumer spending is adding less to growth, while business spending on investment actually picked up.

The June US durable goods report looked quite awful at first glance. Expectations had been for a modest 0.9-1.0% increase for the month, but instead total orders dropped 1%, after falling 0.8% in May. That would suggest that the string of poor economic releases from the US continues and will cast a heavy shadow on the prospects for the outlook for the recovery.

• The dollar fell versus its counterparts on Thursday. The 4-week moving average of US initial jobless claims decreased to the lowest level since May 8. The S&P 500 declined 4.60 to 1,101.53. The euro rose to $1.31 for the first time since May 4 as euro-area economic sentiment climbed to the highest level since March 2008. The yen strengthened to 86.79 against the dollar at 5:28 pm in NY, from 87.35 yesterday.

• The dollar dropped to an almost 2-week low versus the yen on Wednesday. US durable goods orders unexpectedly decreased in June. The Federal Reserve said in its Beige Book that US economic growth eased in some areas over the past two months. The S&P 500 declined 7.71 to 1,106.13. The euro traded at $1.2989 today, compared with $1.2999 yesterday.

The dollar traded mostly higher on Tuesday. US May 20-city home prices posted the largest year-over-year gain since August 2006, but July consumer confidence fell to a 5-month low. The S&P 500 declined 1.17 to 1,113.84. The euro rose to a 2-month high versus the yen after data showed German consumer sentiment will rise in August.