The yen and Swiss franc gained on Thursday

Good Morning,

- Safe-haven yen and Swiss franc gain on Ukraine worries….

- The yen and Swiss franc gained on Thursday, while the euro fell, as concerns about a serious escalation in tensions between Ukraine and Russia rattled investors and drove them to seek safe-haven currencies. The euro hit a 21-month low against the Swiss franc of 1.2052 francs per euro on trading platform EBS after the news. Against the yen, the single currency fell to a two-week low of 136.41 yen per euro.

-US Equities Close: Dow -0.25% (17,080); S&P 500 -0.17% (1,997); Nasdaq -0.26% (4,558).

-US 2QGDP revised up, while it was expected to be revised down; shows a sustainable pattern of growth.

-Sharp contrast with Eurozone and Japan data should keep USD well supported.

- The Canadian dollar kept strengthening, boosted by Burger King Worldwide Inc.’s proposed takeover of Tim Hortons Inc. A legal loophole allows US and non-US companies to combine in transactions that move the US corporation to a non-US jurisdiction where corporate tax rates are lower. Canada benefits from this transaction model, and more cases may follow Burger King’s move if it’s successful, pushing USD/CAD further down.

- ECB's Coeure says action needed for euro zone recovery. "What we have been saying, what particularly the ECB President (Mario Draghi) has been saying last week in Jackson Hall is that the European economy is at a point where action is needed both on the demand and the supply side," Coeure told Greek Skai TV in an interview.

- EuroArea Confidence Falls as Spain Price Drop Fuels ECB Woes… Euro-area economic confidence fell more than forecast, Spanish consumer prices dropped the most in five years and German unemployment unexpectedly rose in a burst of data backing Mario Draghi’s warning that more stimulus may be needed.

- Pending Home Sales Pick Up in July. Pending home sales rebounded in July and have now risen in four of the last five months, according to the National Association of Realtors®. All major regions experienced healthy gains except for the Midwest, which saw a slight decline. The Pending Home Sales Index,* a forward-looking indicator based on contract signings, climbed 3.3 percent to 105.9 in July from 102.5 in June.

- Economic activity in the manufacturing sector expanded in July for the 14th consecutive month, and the overall economy grew for the 62nd consecutive month, say the nation's supply executives in the latest Manufacturing ISM® Report On Business®.

- Japan data show continued weakness. Household spending and retail sales continue to fall; industrial production rare rises; unemployment rate up a notch; headline inflations rate remains sluggish.

-Major news for the week ahead: EZ CPI, German Retail Sales, EZ unemployment rate, UK Nationwide house price index, US Michigan PMI, US Personal Spending and Income.

Have a nice Weekend!