U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 7.2 million barrels from the previous week. At 483.4 million barrels, U.S. crude oil inventories are in the upper half of the average range for this time of year.

Total motor gasoline inventories decreased by 1.0 million barrels last week, but are in the upper half of the average range. Both finished gasoline inventories and blending components inventories decreased last week.

Distillate fuel inventories decreased by 1.9 million barrels last week but are near the upper limit of the average range for this time of year. Propane/propylene inventories increased by 0.2 million barrels last week but are in the lower half of the average range. Total commercial petroleum inventories decreased by 9.4 million barrels last week

Sales of new single-family houses in June 2017 were at a seasonally adjusted annual rate of 610,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 0.8 percent above the revised May rate of 605,000 and is 9.1 percent above the June 2016 estimate of 559,000.

The median sales price of new houses sold in June 2017 was $310,800. The average sales price was $379,500.

EURUSD: 1.1600 (EUR 620m) 1.1650 (520m) 1.1700 (520m)

USDJPY: 111.25 (USD 220m) 111.50 (535m) 112.00 (220m)

GBPUSD: 1.2985 (GBP 300m ) 1.3000 (300m)

EURGBP: 0.9000 (EUR 360m)

AUDUSD: 0.7850 (AUD 250m) 0.7900-10 (645m) 0.7935 (220m)

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The largest contribution to the month-on-month growth came from business services and finance, which contributed 0.23 percentage points.

In the 3 months to May 2017, services output increased by 0.4% compared with the 3 months ending February 2017, with all four main components increasing.

Services output increased by 2.4% in May 2017 compared with May 2016, following growth of 2.1% in April 2017 compared with April 2016.

EURUSD: 1.1600 (EUR 620m) 1.1650 (520m) 1.1700 (520m)

USDJPY: 111.25 (USD 220m) 111.50 (535m) 112.00 (220m)

GBPUSD: 1.2985 (GBP 300m ) 1.3000 (300m)

EURGBP: 0.9000 (EUR 360m)

AUDUSD: 0.7850 (AUD 250m) 0.7900-10 (645m) 0.7935 (220m)

UK gross domestic product (GDP) was estimated to have increased by 0.3% in Quarter 2 (Apr to June) 2017.

The growth in Quarter 2 2017 was driven by services, which grew by 0.5% compared with 0.1% growth in Quarter 1 (Jan to Mar) 2017.

The largest contributors to growth in services were retail trade, which improved after a fall in the first quarter, and film production and distribution.

Construction and manufacturing were the largest downward pulls on quarterly GDP growth, following 2 consecutive quarters of growth.

GDP per head was estimated to have increased by 0.1% during Quarter 2 2017.

EUR/USD

Resistance levels (open interest**, contracts)

$1.1731 (1456)

$1.1713 (3752)

$1.1694 (5032)

Price at time of writing this review: $1.1622

Support levels (open interest**, contracts):

$1.1571 (2711)

$1.1532 (1225)

$1.1489 (1523)

Comments:

- Overall open interest on the CALL options and PUT options with the expiration date August, 4 is 78638 contracts (according to data from July, 25) with the maximum number of contracts with strike price $1,1500 (5032);

GBP/USD

Resistance levels (open interest**, contracts)

$1.3123 (2289)

$1.3103 (2481)

$1.3079 (1711)

Price at time of writing this review: $1.3013

Support levels (open interest**, contracts):

$1.2957 (697)

$1.2922 (1175)

$1.2881 (2602)

Comments:

- Overall open interest on the CALL options with the expiration date August, 4 is 28735 contracts, with the maximum number of contracts with strike price $1,3100 (3045);

- Overall open interest on the PUT options with the expiration date August, 4 is 28063 contracts, with the maximum number of contracts with strike price $1,2800 (3054);

- The ratio of PUT/CALL was 0.98 versus 0.96 from the previous trading day according to data from July, 25

* - The Chicago Mercantile Exchange bulletin (CME) is used for the calculation.

** - Open interest takes into account the total number of option contracts that are open at the moment.

June 2017 quarterly values are seasonally adjusted and compared with the March 2017 quarter.

Goods exports rose 9.9 percent, to $13.5 billion.

Milk powder, butter, and cheese dominated the rise in exports, up 22 percent ($679 million); quantity was up 20 percent.

Goods imports rose 2.9 percent, to $14.0 billion.

Capital goods led the rise in imports, up 9.7 percent ($259 million).

Intermediate goods rose 3.6 percent ($202 million).

Consumption goods rose 1.2 percent ($42 million).

Quarterly trade deficit was $479 million (3.5 percent of exports).

Thirteen consecutive quarterly trade deficits since March 2014.

The all groups CPI:

Rose 0.2% this quarter, compared with a rise of 0.5% in the march quarter 2017.

Rose 1.9% over the twelve months to the june quarter 2017, compared with a rise of 2.1% over the twelve months to the march quarter 2017.

Overview of CPI movements:

The most significant price rises this quarter are medical and hospital services (+4.1%), new dwelling purchase by owner-occupiers (+0.9%), tobacco (+1.0%) and beer (+1.0%).

The most significant offsetting price falls this quarter are domestic holiday travel and accommodation (-3.2%), automotive fuel (-2.5%) and fruit (-4.4%).

The UBS consumption indicator stood at 1.38 points in June, pointing to subdued growth in consumption at the end of the second quarter. The May figure was revised downwards slightly to 1.32.

UBS's consumption indicator has been hit by weak growth in Swiss employment in recent quarters. Indeed, across the last five quarters, data suggests employment has all but stagnated. Since 2000, the annual growth in employment has been 1.1 percent. We expect employment growth rates to pick up during the course of the year, which should support consumption. Somewhat offsetting weak employment data, new car registrations rose 2.1 percent year-on-year in June. Additionally, most recent available data reveals that hotel overnight stays by Swiss nationals increased by 2.4 percent year-on-year. The mood also improved in the retail sector, although it started from a low base.

(pare/closed(GMT +2)/change, %)

EUR/USD $1,1647 +0,09%

GBP/USD $1,3027 +0,02%

USD/CHF Chf0,95221 +0,55%

USD/JPY Y111,86 +0,62%

EUR/JPY Y130,29 +0,72%

GBP/JPY Y145,734 +0,65%

AUD/USD $0,7935 +0,17%

NZD/USD $0,7418 -0,19%

USD/CAD C$1,25077 0,00%