GBP/USD: A lesson in the power of a hammer candle. Chart/Levels from Analyst, Nicole Elliott – Investors Chronicle.

 

Swiss Q2 GDP grows a meagre 0.2 per cent Y/Y Admittedly, we had prepared for a global slowdown

Data published early this morning showed Swiss second quarter GDP grew at 0.3 per cent Q/Q but slumped from one per cent growth to just 0.2 per cent annualised. One of the most established, reliable economic engines in Europe, this is the weakest it’s been since 2009.

Also, released early today, the bad news from German industry accelerates: factory orders slumped again from -3.6 per cent in June to -5.6 per cent annualised in July. The economy ministry noted, ‘’in the light of ongoing international trade conflicts and modest business expectations in manufacturing, no fundamental improvement is in sight for the coming months’’. Bloomberg helpfully points out that this development raises the risk of recession in the EU’s powerhouse.

Financial Markets and Political Commentary
 

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