US GDP growth in the second quarter was upgraded to 3% from 2.6% advance estimate. The GDP preliminary reading was better than a 2.7% expected growth. At the same time the ADP reported that private sector payroll has risen 237 thousand in August, a sharp rise from 201 thousand in July. Strong economic reports strengthen the case of another rate hike this year, supporting dollar. At a rally in Springfield, Missouri, President Trump said he wanted to see the corporate tax rate reduced from 35% to 15%.

Positive economic reports also aided in buoying investor confidence as North Korea tensions eased. German inflation rose more than expected in August, rising to 1.8% annual rate from 1.5% in July. Economic sentiment in the euro-zone in August rose to highest in more than 10 years: 111.9 from 111.3 in July. Today at 09:55 CET German unemployment rate will be published and at 11:00 CET the euro-zone inflation report will come out. The outlook is neutral for euro, no changes are expected.

Asian stock indices are mixed today. The Nikkei ended 0.7% higher at 19646.24 helped by weaker yen against the dollar. Chinese stocks are down after data showed China’s nonmanufacturing sector growth slowed in August while factory growth unexpectedly accelerated: Shanghai Composite Index is 0.2% lower and Hong Kong’s Hang Seng Index is down 0.7%. Australia’s All Ordinaries Index is 0.7% higher with the Australian dollar little changed against the greenback.

Oil futures prices are lower today after US inventories official report on Wednesday indicated crude inventories dropped by 5.39 million barrels last week to 457.77 million barrels. Prices fell nevertheless as demand is expected to be weak in near term after flooding from storm Harvey shut down almost a quarter of US refineries. October Brent crude fell 2.2% to $50.86 a barrel on Wednesday on London’s ICE Futures exchange. At the same time US gasoline prices jumped to $2 per gallon amid fears of a supply squeeze.