US GDP data confirmed a strong surge in US economic growth, with a reading of 2.1% for Q2, giving an annualised number of 3.8%. This is a massive turnaround from only a month of two ago. The US economy is running hot, now that global trade is now completely realigned. The US Dollar spiked higher, with the EUR crashing to 1.1660, while the GBP slumped to 1.3330.The strong performance of the reserve hit commodity currencies hard, with the AUD plummeting to 0.6530, while the NZD collapsed to 0.5760. Markets will be looking at the Tokyo inflation data, set to be released today, while the important US PCE inflation indicator will come out tonight.
