Swiss Franc Still Softest, US Gross Domestic Product Next

Market Reviews

The Franc remains the weakest currency. Traders are awaiting a release of the US Gross Domestic Product in the second quarter. The USD index is soft. The decline from 103.82 is heading towards the key support level of 91.91. Downside is holding near the medium term channel support. Today’s GDP report might cause a recoil. The US economy is projected to rise from 1.4% to 2.5% annualized in the second quarter. GDP price index should reduce to 1.3%. The United States are about to announce employment cost index of the second quarter.

Japanese national Consumer Price Index core remained at 0.4% yoy in the prior month. Tokyo Consumer Price Index core increased from 0.0% to 0.2% yoy this month. Unemployment rate fell to 2.8% in the previous month. Household spending was up 2.3% yoy, and retail sales lifted 2.1% yoy. Core inflation is still under the BoJ’s objective of 2%. Australia PPI surged 0.5% qoq, 1.7% yoy in the second quarter. British Gfk consumer confidence fell to -12 this month. France will publish Gross Domestic Product of the second quarter, Germany will announce Consumer Price Index, Eurozone will show confidence indicators, Swiss will issue KOF and Canada will announce GDP.