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Economic calendar (GMT0):
Time/ Region/ Event/ Period/ Previous/ Forecast/ Actual
05:45 Switzerland Gross Domestic Product (YoY) Quarter II 1.2% Revised From 1.1% 0.9% 1.2%
05:45 Switzerland Gross Domestic Product (QoQ) Quarter II -0.2% -0.1% 0.2%
The U.S. dollar continued strengthening against leading currencies amid recovery in stock markets and strong U.S. economic data. The country's Department of Commerce reported Thursday U.S. gross domestic product expanded by 3.7% in the second quarter compared to an initial reading of +2.3%. Consumer spending and business investment were revised up. Exports say that strong GDP data increase probability of a rate hike in September, though situation is still not clear.
The pound slightly gained against the greenback after GFK released its U.K. consumer confidence data. The index came in at 7 in August compared to 4 in July. Economists expected that the index would remain at 4.
The New Zealand dollar fluctuated in a narrow range amid lower volatility in Asian markets. The Standard&Poor's rating agency affirmed the country's rating at "AA" with stable outlook, thus supporting the NZD.
The yen little changed despite plenty of statistics. Japanese retail sales rose by 1.6% y/y in July beating expectations for a 1.1% increase. This was the fourth gain in a row. Meanwhile the core consumer price index was unchanged in July compared to the same period a year ago after a 0.1% growth in June. However this small gain was welcomed by the Bank of Japan, which struggles to get rid of deflation.
EUR/USD: the pair fluctuated within $1.1230-65 in Asian trade
USD/JPY: the pair traded within Y120.90-30
GBP/USD: the pair rose to $1.5440
The most important news that are expected (GMT0):
(time / country / index / period / previous value / forecast)
08:30 United Kingdom Business Investment, q/q Quarter II 2% 1.7%
08:30 United Kingdom GDP, y/y (Revised) Quarter II 2.9% 2.6%
08:30 United Kingdom GDP, q/q (Revised) Quarter II 0.4% 0.7%
09:00 Eurozone Economic sentiment index August 104 103.8
09:00 Eurozone Consumer Confidence (Finally) August -7.1 -6.9
09:00 Eurozone Business climate indicator August 0.39 0.34
09:00 Eurozone Industrial confidence August -2.9 -3.1
12:00 Germany CPI, y/y (Preliminary) August 0.2% 0.2%
12:00 Germany CPI, m/m (Preliminary) August 0.2% -0.1%
12:30 Canada Industrial Product Price Index, m/m July 0.5% 0%
12:30 Canada Industrial Product Price Index, y/y July -0.9%
12:30 U.S. Personal Income, m/m July 0.4% 0.4%
12:30 U.S. Personal spending July 0.2% 0.4%
12:30 U.S. PCE price index ex food, energy, m/m July 0.1% 0.1%
12:30 U.S. PCE price index ex food, energy, Y/Y July 1.3%
14:00 U.S. Reuters/Michigan Consumer Sentiment Index (Finally) August 93.1 93
16:00 U.S. Jackson Hole Symposium
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