There were no Euro-zone releases on hand, but the Swiss franc gained very briefly following the release of Swiss trade data, as the nation's trade surplus widened to SFr 2.35 billion from a revised SFr 1.5 billion. The increase was due to a 4.1 percent increase in exports, as European demand improved, and a 1.7 percent drop in imports. The news was encouraging for the Swiss economy, as foreign trades account for roughly half of Swiss GDP. In fact, Q1 GDP contracted at its quickest pace in 18 years after exports dropped 5.4 percent, so today's data suggests Q2 GDP could show much better results. Adding to this, the Swiss ZEW survey of investor sentiment jumped to a 3-year high of 18.6 in August from 0, signaling a sharp improvement in confidence.
Check out the Daily Fundamentals in its entirety for a look at what happened across the majors.
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