(GBP) had a volatile trading day but ended substantially higher on USD weakness but UK data was mixed. July Retails Sales bounced back from a -3.9% fall last month to a surprisingly strong +0.8%. Initial Pound gains were tempered though as Preliminary Business Investment look set for a -1.9% drop Q/Q. Overall the GDP/USD traded with a low of 1.8608 and a high of 1.8782 before closing the day at 1.8760 in the New York session. Looking Ahead, Q2 GDP is forecast at 0.1% Q/Q, 1.5% Y/Y.
The Australian Dollar
(AUD) made good gains on the back of broad commodity strength and USD weakness. AUD/JPY was under pressure early before AUD/USD finally overcame resistance in the low .8700 area to provide some support. Overall the AUD/USD traded with a low of 0.8650 and a high of 0.8798 before closing the US session at 0.8730.
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