US GDP for Q2 erases Q1 decline

GDP for the US in Q2 jumped as high as 4%, far more than the expected 3% and has totally wiped out the surprise decline in Q1 which was originally reported to be -2.9% but has been revised up to -2.1%.  This compliments the good consumer confidence data yesterday and has led to further strength for the US dollar.  USDJPY was testing a month high around 102.20 level and has now smashed through that meanwhile EURUSD, GBPUSD and AUDUSD are all seeing a move to the downside.  The daily chart for EURUSD in particular is not looking great, but some of the indicators are pointing to it being oversold, as is the case with the RSI, well below 30.0, but this has been the case for over a week now.

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