Global macro overview for 17/08/2015:
The mixed data from Japan regarding the GDP figures has been released today. The overall picture of the data is not optimistic at all. The main GDP benchmark for the second quarter turned out to be at the level of -1.6% q/q, just slightly better than expected -1.8% q/q, but way worse than the first quarter reading at the level of 4.5% q/q. Despite the fact that the preliminary GDp has been also slightly better than expected (-0.4%q/q; -0.7% y/y vs. -0.5%q/q), it was still way worse than the first quarter reading of 1.1% q/q; -0.8% y/y again. Moreover, the nominal GDP disappointed as well: 0.0% on a quarterly basis and 2.2% year-on-year against 2.2% q/q and 2.6% y/y in the previous periods, respectively.
The USD/JPY pair did not react much so far from the disappointing news release, but it bounced from the golden trendline and crawled its way up to the important daily resistance at the level of 125.29.
