All eyes on US GDP numbers today...
The slightly better weekly initial jobless claims reading out of the US was not enough to spur risk appetite on yesterday, especially given the weaker than expected Q2 earnings from some of the key technology and consumer companies. The S&P 500 fell for the third consecutive day, albeit that the decline was relatively modest at 0.4%. Risk appetite remains poor this morning, with weaker than expected industrial production figures out of Japan overnight not helping sentiment. The second estimate of Q2 GDP out of the US today will be key in shaping the next leg of risk trade and the direction for Eur/USD.