FXCC Market Review July 20 2012

Jul 22 • Market Reviews • 3508 Views • 1 Comment

Asian markets are trading on a mixed note owing to concerns of escalating Euro zone debt which is slowing the entire growth of the global economy. While on the other hand, unfavorable data from the US might prompt Federal Reserve of US to decide stimulus measures to boost growth in the economy.

US Unemployment Claims gained more than expected by 36,000 to 386,000 for the week ending on 13th July as against a rise of 350,000 in previous week. Existing Home Sales declined by 0.25 million to 4.37 million in June from previous level of 4.62 million a month ago.

Philly Fed Manufacturing Index declined to  -12.9-mark in July as compared to previous decline of 16.6-level in last month. The Conference Board Leading Index declined by 0.3 percent in June with respect to rise of 0.4 percent in May.

Dollar Index declined on account of rise in the risk appetite in the global markets amidst speculation that unfavorable data from the US may prompt Federal Reserve of US to decide stimulus measures to boost economic growth.

US equities extended gains of the previous day owing to higher earnings and expected stimulus measures by the Federal Reserve.  The currency touched an intraday low of 82.80 and closed at 82.98 in yesterday’s session.

Euro Dollar:

EUR/USD (1.2260) The Euro appreciated by 0.4 percent on account of strength in the DX on Thursday. However, sharp rise in the currency was capped owing to unfavorable data from the region. The currency touched an intraday high of 1.2321 in yesterday’s session and closed at 1.2279.

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The Great British Pound 

GBP/USD (1.5706) The Great British Pound surged breaking over the 1.57 level for the first time in weeks. Retail sales were sluggish in June surprising markets in view of the Queens Jubilee, but positive statements from the BoE seemed to support the pound

Asian –Pacific Currency

USD/JPY (78.56) the pair broke out of its range to see the USD tumble to the mid 78 price. Traders are expecting intervention by the BoJ to support the currency.

Gold 

Gold (1579.85) Spot prices of Gold gained around 0.5 percent tracking upbeat global market sentiments all through the day along with weakness in the Dollar Index (DX). Expectations of further stimulus measures by the Federal Reserve policy makers also acted as a supportive factor of the gold prices.

The yellow metal touched an intra-day high of $1591.50/oz and closed at $1580.6/oz in yesterday’s trading session

Crude Oil

Crude Oil (91.05) Nymex crude oil prices gained more than 3 percent yesterday taking cues from supply concerns from Iran and rising Middle East tensions, positive global market sentiments along with weakness in the DX. However, unfavorable economic data from the US capped further gains in the crude oil prices.

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