The US dollar is trading at a two-week low after this morning’s 2nd quarter GDP data showed the economy growing by 1.2% annualized — less than half as fast as the 2.5% annualized GDP growth that economists had anticipated. The weaker-than-expected results came as somewhat of a shock to economists after the US’ string of good labor, inflation, and housing market reports released throughout the month. The surprise report is buoying other currencies this morning as well, especially the pound.

The yen is up the most since the Brexit vote against major currencies after the Bank of Japan’s surprise announcement that it would not expand its unprecendented stimulus bond-buying program or deepen its negative interest rates on deposits. The vast majority of economists expected the central bank to expand stimulus measures in effort to boost Japan’s stalling inflation, but today’s minimal change proposals signal optimism on the economy and are helping the yen.

Farther West, the euro is having a good morning too on July’s better-than-expected inflation and employment growth data in Germany and the greater Euro-zone region. While most of the post-Brexit data thus far has been showing a resilient Euro-zone and German economy, analysts will be looking for positive surprises coming out of Spain, Portugal, or Greece to help push the euro higher.

The pound received a nice bounce following the US’ disappointing GDP growth results, despite mixed reports out of the UK showing multi-year low consumer confidence and a rebound in business health since Brexit.

EURUSD: The euro is up on better-than-expected inflation and employment growth in Germany and greater Euro-zone.

GBPUSD: The pound is trading higher mostly thanks to the weaker US dollar.

AUDUSD: The Aussie dollar is up with the US dollar falling, too.

USDCAD: The Canadian dollar is up on a weaker US dollar, despite oil prices slipping a bit.