The US dollar mostly weakened earlier during European trading, however as the GDP q/q data release is approaching (in about a half hour, at 12:30pm GMT) the US dollar is growing stronger with EUR/USD reaching a low of 1.2777, indicating that forex traders are back in the quest to safe-haven currencies (US dollar, yen).

“Better European growth news doesn’t alter the fact that the drivers of the euro’s recovery against the dollar are all pretty much played out,” wrote strategists at Societe Generale, cited by MarketWatch. “The sovereign credit crisis faded, European short-term rates rose, U.S. bond yields made a huge downward adjustment, and as we can see, European growth dramatically outperformed the U.S.”

Second-quarter GDP growth for the US economy, the world’s largest economy, is seen likely to be revised lower today in about 30 minutes after data on international trade for June released earlier this week showed an uptick in imports and a sharply wider deficit between exports and imports.

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The US dollar strengthened its position against the euro today, extending gains for a 4th day against the European currency, thereby ending the uptrend in EUR/USD. The forex market right now looks like it’s full of fear of a global slowdown. According to reports (MarketWatch, etc.) many investors abandon the stock market and other riskier assets to rush into the safe havens of the US dollar, the yen and T-bills, of course.

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It’s 02:14pm GMT. I just bought some USD/CHF at 1.0504
SL: As per my trading plan
Target: Open

Here’s the current chart of USD/CHF:

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I closed my loonie trade at 1.0462.

Here’s the hourly chart of USD/CAD:

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Manually closed at 1.0580 for a 68-pip profit.

Here’s the hourly chart: of USD/Swissy:

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It’s 06:32pm GMT, and I just closed my open trades. I just closed USD/JPY at 85.31 for a 49-pip loss.

Here’s the hourly chart as of now:

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