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EUR/USD falls below 1.3150
You need a helmet to trade in a thin market with month-end and a long weekend looming.

Goldman Sachs has revised EUR/USD forecasts lower:
Revises 3 month forecast to 1.29 from 1.35
Revises 6 month forecast to 1.25 from 1.34
Sees 1.20 in 12 months, prior was 1.30    at 11:21

Zero Hedge
Chicago PMI Explodes To Biggest Beat In 10 Months, Employment Drops Further
From worst miss on record (and 13-month lows) to best beat in 10 months and 5 month highs... brilliant. It would seem ISM has entirely given up on any credibility at all... However, given this exuberance (in production and new orders), the employment sub-index dropped yet again.

JPMorgan Warns Military Escalation In Ukraine "May Lead To A Lehman-Style Shock"

UK Raises Terror Threat Level To Severe (From Substantial
Time to strike fear into the people who will come begging for the government to help save them..    at 10:03

Overall, July personal income and consumption likely will dampen third quarter GDP growth
Still, third quarter growth looks moderately strong while inflation - though rising - is still below Fed goal.

CNBC's Steve Liesman explained the disappointing data: "weather." | Zero    at 08:35

U.S. consumer spending drops 0.1% in July, first fall in six months

U.S. income growth slows to 0.2% rate in July
U.S. savings rate jumps to 19-month high of 5.7%
PCE inflation index rises 0.1%, core also up 0.1%
PCE 12-month increase unchanged at 1.6%
   at 08:34

RIA Novosti
Putin Deems Kiev’s Decision Not to Pull Out Troops Besieged by Militia as Tragedy
Russian President Vladimir Putin on Friday said that according to latest information, Ukrainian authorities have decided not to pull out troops surrounded by militia in eastern Ukraine.    at 08:00

Stratfor vis The Georgian Times
Ukraine is beginning to feel increasingly alone in its protracted conflict. 
While some allies have provided limited support, such as equipment and non-lethal aid, Ukraine is unlikely to receive the significant military help that it desperately needs. Kiev has struggled to access its own airspace in the east, where Russian air defense systems comprised of SA-17 and SA-22 surface-to-air missile units have made it particularly dangerous for the Ukrainian air force to operate. NATO countries are rightfully wary of becoming embroiled in an air war with Russia, let alone committing combat support on the ground. The conflict in Ukraine simply matters much more to Russia than it does to Ukraine's western allies, thus leaving Kiev bereft of powerful external backers, willing to go as far as Russia has in support of the Ukrainian separatists.    at 04:23

Pat Buchanan
Has Hillary Ever Been Right?    at 02:26

New Eastern Outlook
The real drama behind Argentina’s sovereign debt default is a dangerous power play
by Washington and Wall street aimed at terrorizing not just Argentina but all emerging nations into playing by rules uniquely written on Wall Street to the unique benefit of Wall Street banks and hedge funds.    at 01:00

History Unfolding
No one in government or in academia who is thinking realistically about the future.
The price of entry into the elite is the surrender of critical thinking. \\ The Middle East has embarked upon its own Thirty Years War, a struggle between Shi'ites and Sunnis that will last for a very long time, at a tragic cost to its peoples and its civilization. But I have no confidence that the United States can do anything to affect the process.    at 00:30

Beat the Press
1.1 Percent First Half GDP Growth is Not Much Grounds for Celebration
Even if the growth rate is 3.0 percent for the second half that would still leave year-round growth at just 2.0 percent.    at 00:30

Hoy es viernes, el veintinueve de agosto
The Cat is very pregnant. We hope we are away on vacation when the big event occurs.    at 00:00