In a day dominated by broad sterling weakness, there was important news from elsewhere.
- Economic growth in Japan was shown to have fallen by 6.8% in the second quarter, heightening the prospect of further monetary stimulus from the Bank of Japan.
- By contrast, the Australian dollar strengthened across the board as consumer confidence was shown to have improved throughout July. Strong retail sales and industrial production data from China has seen the fortunes of the Renminbi also improve.
- Today we have again major economic news from the Eurozone and US, although the new housing price index (NHPI) from Canada later in the day provides a leading indicator of the housing industry’s health, and may move markets.
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