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Swiss Franc May Fall If Bulls Give Up Fight Against Intervention Fundamental Forecast for Swiss Franc: Bearish - Swiss UBS May Consumption Indicator fell to 0.772 from 0.912, which was the lowest in five years -?SVME-PMI Index rose for July to 41.8 from 39.8, as orders increased -?Consumer prices fell for a fourth month by 1.0%, but less than the -1.1% expected The Swiss Franc ended last week relatively unchanged after it fell after reaching an eight day high on prospective SNB intervention and broad based dollar strength. The Swiss National Bank Governing Board member Thomas Jordan said the central bank will continue to intervene on an ad-hoc basis to prevent the Swiss franc from rising, as part of its massive quantitative easing. We didn’t see any clear signs of intervention as we did the week prior when the USD/CHF rose nearly 400 pips on June 24th

British Pound May Remain Under Pressure Ahead of BoE Rate Decision Fundamental Outlook for British Pound: Bearish -?U.K. 1Q GDP Contracted By 2.4% as the final reading was revised lower from the preliminary -1.9% -?The June U.K. manufacturing PMI reading rose to 47.0 from 45.4, which was the highest since May 2008 -?UK PMI Services fell in June to 51.5 from 51.7, diming recovery hopes The British Pound was derailed mid-week by a larger than expected contraction in 1Q GDP of 2.4% which saw the GBP/USD fall over 400 pips from its high of 1.6746.