Macro commentaryToday Australia has published GDP growth for 2nd quarter at 0.5% and it is far worse than 1.1% prior. But on the other hand economists expected lower growth (0.4%) and here they had positive surprise. Aussie got some small lift up from dip 0.9267 and hit 0.9316.

We’re having services PMI today in China – HSBC reading came 54.4 – EMU and UK. But also EMU Retail Sales data will be interesting for us, because it may show the reasons of low inflation and prove that European consumers are struggling with their financial condition.

600px-Federal_ReserveIn the afternoon session Bank of Canada will release its statement on monetary policy which is said by most analysts to be a non-event. We don’t expect any significant impact on markets here. But later Fed will publish its Beige Book report describing economic activity in each district as well as the overall macroeconomic situation in US. It’s very interesting set of insights into Fed’s view on economy and while BB may have limited direct impact on the markets and Dollar, it could significantly influence the fundamental tone in the same time.

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