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US Q2 GDP below expectation

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Australia’s building approvals recorded the widest monthly slip since last September 2014. The main factor was the big fall in dwellings (widely known as a very volatile figure). The ABS (Australian Bureau of Statistics) published an 8.2% downfall in June’s new home constructions, much over the expected 0.9% fall. In retrospective, building approvals went up 8.6% since June, 2014. Taking a look at the private sector, houses approvals took a spin upwards with 4.3%, the dwelling figure of apartment blocks and townhouses going down with 20.4%

In Germany, preliminary data published by Destatis revealed a 0.2% per year rise in inflation, as per CPI figure (Consumer Price Index). Expectations were of 0.3%, which stood for June’s CPI. The monthly CPI was recorded at 0.2%, a fragment lower than the expected 0.3%, the correction in June being of 0.2% also. HICP (Harmonized Index of Consumer Prices) was in estimated parameters, with a 0.3% rise monthly and 0.1% yearly. The slower step if the inflation gallop is mainly due to the -6.2% drop in energy and fuel prices.

When it comes to US economy the results are not so great. The GDP rose only 2.3% in the second quarter which was with 0.3% below the value expected by analysts.  A little support for greenback came from Q1 GDP value that was revised higher to +0.6% from 0.2%. If we are talking about initial jobless claims we have to say that it rose to 267k which is not the best outcome but this number helped to strength the four-week average of claims by 3,750 to a value of 274,750.

Crude oil showed some strength on Thursday when it reached $49.30, after a lingering around the $48.90 benchmark. This gain has in background information as that Saudi Arabia will decrease its oil output after this summer will end (this continues to be a debatable date, although the period is foreseen).The recent press release of EIA states that inventories on crude oil have been decreasing with 4.2 million barrels last week and also that the oil production of the United States has dropped by almost 151K barrels. If we take a look at the whole picture, crude prices still manage to stick to positive ground, although all the positive news hitting the USD. The general opinion is that further up-spike is highly unlikely and limited altogether.

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