FXCC Market Review July 18 2012
NYSE ended in positive territory on Tuesday after markets initially pulled back on the first day of Federal Reserve chairman Ben Bernanke’s testimony to Congress but then recovered after he spoke about slow progress in the US economy and job market.
Bernanke testifies the House Financial Services committee later in the global day today, 18 July 2012. The Fed’s Beige Book report is slated for release on Wednesday, 18 July 2012. A report from Federal Reserve Bank of Philadelphia is due for release on Thursday, 19 July 2012.
Otherwise there is little in the way of eco data.
Asian markets are trading mixed this morning, after strong earning were reported in the US supporting Wall Street shares.
Euro Dollar:
EURUSD (1.2281) Euro rallied to a 7-day high Tuesday after a weak retail sales data in the US and the dismal global outlook presented by the International Monetary Fund led to fresh hopes of additional stimulus by the US, potentially increasing the dollar supplies.
The Great British Pound
GBPUSD (1.5650) U.K.’s inflation rate plunged to its lowest in two and a half years in June as retailers brought forward summer discounting to try to get cautious shoppers to spend. Today we will see the (unemployment report) claimant count which might push the pair over the 1.57 level
Asian –Pacific Currency
USDJPY (79.05) the pair remains rangebound in the lower 79.00 price level. There is little in the way of eco data on either side of the Pacific, the pair will fluctuate on news flow and the DX
Gold
Gold (1577.85) is beginning to meander slowly downwards, hitting congestion at the 1575 range, but it is expected to break downward and continue its downtrend to the 1520 price level. There isn’t any supporting data to affect the commodity today, except for possible news flow.
Crude Oil
Crude Oil (89.05) the overall fundamentals for oil are bearish, with supply remaining high and global demand low and forecasts tumbling. The temporary geopolitical tensions with Iran, Syria and Turkey are helping to keep pressure on prices, but they are expected to trend downwards.
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