The world's most heavily traded currencies were holding steady this morning (July 27th), with investors awaiting the publication of US gross domestic product data for the second quarter of the year.Analysts polled by Reuters anticipate that the figures will show a contraction of 1.5 per cent, taking the country into four consecutive quarters of negative growth since records began in 1947.However, this will be a marked improvement from the 5.5 per cent seen in the final report for Q1, lending support to the growing conviction that the world's largest economy may be close to recovery.Sue Trinh, a senior currency strategist at RBC Capital Markets in Sydney, commented: "Probably the market's view is that what's good for the U.S. is good for risk more broadly." Her comments were corroborated by market activity this morning, when both the US and the yen moved downwards against riskier, higher yielding counterparts such as the Australian dollar.