Reading of the US GDP for the second quarter strongly differ from the forecasts. Weak data completes the revision of GDP for the first quarter, which was lowered from 1.1 to 0.8 percent. Today's GDP reading partially neutralizes signal that the Fed may raise interest rates in mid-September. In short, dynamics of the US economy is low enough that we may begin to seriously consider the idea of stagflation, means a low economic growth with inflation. These data will not bring closer the Fed's monetary tightening, which is a positive element for emerging market currencies.

Reading GDP does not help the bulls today in the US although trading began at neutral level.

The beginning of the session in the US does not announce a breakthrough on the S&P500, which moves lateral movement and each party has an equal chance to take over the control. In this context, the worry may be about the weakness of our WIG20 index. The question is about its behavior in a situation when the S&P500 would leave the current consolidation down.