FX Highlights

  • Economy's slump most likely eased in Q2, another sign that the worst recession in 50 years is winding down, Obama cites improving US economic data as a sign the bottom is in
  • The USD and the YEN tailed off for the second day against the EUR, investors eye higher yielding currencies ahead of today's onslaught of key economic data
  • The EUR/GBP may see continues losses, eight month low in sight
  • The GBP gained on the dollar following a report showing British consumer confidence remains at its highest level since April 2008
  • The USD/CAD has tailed off the July 29 swing high at 1.0933, seeing an overnight move to 1.0772. Canadian GDP is on the docket for release today
  • AUD/USD was supported by strong inflation data on Thursday, The Reserve Bank Of Australia is set to hold its monthly policy meeting next week and is expected to keep rates unchanged at 3
  • Pre-open US DOW and S&P futures continue to point to another positive open
  • OIL futures hold modest gains in early futures action, Gold also posting small gains

Upcoming Events

  • US- Gross Domestic Product -1.5% vs. -5.5%, Personal Consumption -0.5% vs. +1.4%, Gross domestic Product Price Index +1.0% vs. + 2.8%, Employment Cost Index 0.3% vs. 0.3%, Chicago Purchasing Manager Survey 43.0 vs. 39.9, Bloomberg Financial Conditions Index
  • CAN- Gross Domestic Product (MoM) (May) -0.3% vs. -0.1%