EUR/USD at lowest level since November
Yesterday saw very little data of any real note come out the economic world, as Euro and Canadian Dollar both saw a disappointing decrease.
US Growth at 2%
Thankfully, we did have the Fed’s Vice Chairman Stanley Fischer speaking at an economic conference in Sweden, giving us a few good soundbites about where the global economy had been and where we are heading. He urged caution over global recovery, hinting that global growth may have sustained lasting damage.
US growth should be seen at around 2% due to a slowdown in productivity, weak foreign demand and a not particularly vibrant housing market. He also called for a better coordination of global banking regulation.
A Weaker Canadian Currency?
As a result of this recent economic growth from the States, the Euro has weakened to its lowest since November against the USD, ahead of expectations of a further drop in investor confidence in Germany.
Similarly, in Canada, the Canadian Dollar weakened after a report that only 200 new jobs were created in July, although there were hints from the Bank of Canada Governor that a weaker currency would be welcomed.
The main news out is the ZEW survey on investor sentiment from both the Eurozone and Germany. We also have CPI from Italy and Portugal, various minor releases from the US and much later on GDP from Japan.