An abundance of data from across the globe continued to underline the challenges facing both advanced and developing economies alike. Gross domestic product figures did show a mixed outlook, with the preliminary estimates of UK GDP coming in well above expectations while US GDP suffered a substantial setback after optimism surrounding a more hawkish Federal Reserve. Amid the backdrop of the Brexit referendum, UK GDP surprisingly climbed to 0.60% expansion during the second quarter, beating forecasts of 0.40% growth by a wide margin. Although growth is expected to taper in coming months amid the uncertainty of how the decision to leave the UK will impact the domestic economy, those data points will be unavailable for several months to come. Meanwhile, in spite of a FOMC decision that was widely anticipated, the tone of the statement that accompanied the latest interest rate decision was slightly more hawkish, giving credence to the idea of rates raising during the second half of the year. However, those hopes were dashed after the preliminary estimate of second quarter GDP printed at 1.20%, less than half of the 2.60% anticipated with the prior quarter’s results also revised lower to 0.80%. This announcement saw the dollar continue to fall, sending gold prices charging back to the upside. Outside of the US and Europe, Asia was dominated by the announcements of a new fiscal stimulus package and added monetary stimulus from Japan. The Japanese government unveiled a fiscal package worth JPY 28 trillion in a bid to boost the economy and escape another deflationary spiral. However, the decision by the Bank of Japan to expand its ETF purchases while providing additional financing to exporters was met with disappointment, sending the USDJPY pair back towards 100.00, ending the week at 102.05.