Markets Are Quiet before US GDP - 29.8.2012

The US dollar was little changed against its major counterparts in Asian trading session today. In the morning reports from Europe showed French business confidence remained close to its 2-year low in August, while Italian retail sales rose by 0.4% in June, compared to an expected 0.2% drop. The single currency was locked today in a narrow range against the greenback, 1.2531-1.2572. However major events of the day are coming later. US GDP data for the second quarter and CPI from Germany will be closely watched by investors. The world biggest economy probably grew by 1.7% in annualized figures, compared to the previous estimation of 1.5%. The data will be followed by Fed’s President Bernanke speech on Friday and can become an indication of further central bank’s actions.