Forex Today: All eyes on US GDP after the ECB sends EUR/USD for a wild ride

Here is what you need to know on Friday, July 26th, European session:

- Currencies are stable ahead of the all-important first release of US GDP growth for the second quarter. Expectations stand at a slowdown from 3.1% to 1.8%. Expectations may have risen after upbeat Durable Goods Orders. The deflator is of high importance and the data feeds into the expected Fed rate cut next week.

- EUR/USD has stabilized around 1.1150 after hitting a new two-year low of 1.1101 after the European Central Bank opened the door to cutting rates and QE but refrained from imminent action. The currency pair swiftly recovered afterward. President Mario Draghi has called governments to do more.

- UK: New PM Boris Johnson's laid out his ambitious Brexit plans including ditching the controversial Irish backstop. His speech in parliament was swiftly rejected by the EU's Jean-Claude Juncker and Michel Barnier, with the latter describing Johnson's approach as "combative." GBP/USD remains depressed below 1.2500.

- Japan: Tokyo inflation figures came out 0.1% above expectations, serving as encouragement of sorts for the Bank of Japan. 

- Geopolitics: Tensions around North Korea and Iran persist but fail to move currencies. US Secretary of State Mike Pompeo says the door is open to negotiations with North Korea despite the rogue regime's recent missile tests.

- Cryptocurrencies are on the back foot with Bitcoin falling below $10,000 once again.

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