JPY IS STRONGEST OF THE DAY FOLLOWED BY GBP in early Thursday European trade as Chinas Q2 GDP growth slows to 10.3% from 11.9% in Q1. 13 hours after the Federal Reserve downgraded its 2010 and 2011 forecasts for US growth and inflation, Beijing publishes evidence of slowing growth and inflation. JPY is boosted by the sell-off in Nikkei-225 and Shanghai Composite Index. GBP edges up in line with yesterdays positive bullish against USD, CAD and EUR as the BoE is the only major central bank dealing with above-target CPI. GBPCAD gains 90 pips from yesterdayss lows, now looking for prelim target of 1.5955-60, while EURGBP is set to retest 0.8260 and 0.8210. EURUSD eyes 1.2670. ASHRAF WILL EXPLORE the latest turning points in the OIL-BALTIC DRY INDEX RELATION & various FX setups in this Sunday's webinar. REGISTER http://bit.ly/bup7tZ