The jobs report only goes part of the way toward confirming slower U.S. growth, ... It is not enough to push the euro up to 97 cents anytime soon.

We are still seeing solid jobs growth and incomes are improving. That helps demand for housing, along with the Reserve Bank of Australia sitting on its hands for rates.

The euro rallied from mid-May to early June on the slower U.S. growth story,

We're seeing increasingly broad-based growth in jobs. It's a little bit better-distributed, which is good.

Growth like this should be accompanied by rapid growth in jobs and wages, but neither has materialized this far into the recovery.

On the economic front, there haven't been significant improvements in jobs and wage growth, and the comparable sales comparisons are only getting tougher, ... It sounds reasonable to expect big discounts this year. The macro factors would suggest it.