We got our first look at Q2 GDP and it wasn’t pretty; the GDP data means absolutely nothing with regards to Fed policy; June core PCE data will be important; July Chicago PMI will also be closely watched; July eurozone CPI readings came in very hot; Q2 eurozone GDP data came in stronger than expected; July Tokyo CPI was reported; BOJ board members remain worried about downside risks; given the long-standing monetary policy divergence, we can only explain the recent yen strength as a positioning washout; China reports official July PMI readings Saturday local time