ForexLive European Wrap: Should have gone fishin

Japan PM Kan: Will decide on measures on economic stimulus, strong yen on August 31 Australian Opposition leader Abbott: Does not want fresh election.  Key to next govt rests with three sitting independents UK Q2 GDP revised up to +1.2% q/q +1.7% y/y from initial +1.1%, +1.6% respectively UK Treasury says while cautiously optimistic about economy, job "not yet done" German July import prices -0.2% m/m, +9.9% y/y, marginally firmer than median forecasts of -0.3%, +9.8% Swiss KOF leading indicator 2.18 in August vs 2.20 median forecast French 2010 industrial investment seen rising 5% vs 6% in previous forecast - INSEE Spain’s July retail sales -2.4% y/y, weaker than median forecast of +0.5% Market effectively on hold, hunkered down awaiting the release later today of US Q2 GDP and then Fed Chairman Bernanke speaking from Jackson Hole.  Price action in all majors very pedestrian EUR/USD sits at 1.2720, effectively unchanged on the day.  Earlier slight dip ran into Russia, Chnia buying in 1.2700/10 area.  That ellicited a spike higher with sessioon high 1.2739 posted. Russia then turned seller, taking profit, and that for all intents and purposes was that.  BIS has been seen buying around 1.2715 since, but made no decernible impact in a disinterested market. Cable at 1.5515, some 10 points lower than when I started which sums that up.  Better than expected Q2 GDP revision ellicited marginal rally but it was fleeting.  Session high 1.5539. Some pointed to the -1.6% q/q contraction in business investment component as reason for failure to hold gains.  Go figure. USD/JPY sits at 84.70, unchanged on the day. PM Kan says he’ll decide on economic stimulus, strong yen measures on August 31.  Can’t wait.