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US focus: Dollar rebounds
US dollar bounces back versus a basket of currencies after the huge drop amid release of weak US data. Before the opening bell the data on U.S. preliminary Q2 GDP showed the U.S. economy grew only by 1.3% while average forecast was at 1.6%. First-quarter GDP was revesed to +0.4% from +1.9%.
The dollar received some support from slight progress in solving the problem of US debt ceiling.
The euro is under pressure as today an international rating agency Moody's placed Spain's AA2 credit rating under review for a possible downgrade. IMF said that a moderate recovery of Spain faces potentially 'severe' risks and noted that spread of debt crisis to Spain would have global impact
Canadian dollar goes up versus the US dollar. Earlier the loonie sharply fell versus major currencies amid reports that showed decline in GDP and raw material price index.
The Swiss frank sheds against the dollar after Swiss central bank saw its first-half loss nearly quadruple from a year earlier on the declining value of its international reserves.
Japan yen begins to retreat versus the dollar amid the rise of the latter.
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