MORNING BRIEFING: The US Dollar continued to suffer from the rebound in riskier assets, approaching 1.4000 against the Euro.

[RTFX-Trading]

MORNING BRIEFING: The US Dollar continued to suffer from the rebound in riskier assets, approaching 1.4000 against the Euro.

What’s new?
S&P: AAA credit rating given to the United States is not threatened in the short term.
Oil: Crude oil down but still above the $ 70 a barrel.
United States: Current account deficit in Q1 2009 reaches 2.90% of GDP, the lowest since 2001.
United States: Slight rise in consumer prices in May.
Switzerland: The government launches a third plan to combat unemployment.
Switzerland: ZEW index up to 9.70 points in June.
Iran: ElBaradei wants nuclear weapons technology.
United Kingdom: Finance Secretary of State, Mrs. Kitty Ussher resigns.
United Kingdom: Unemployment rises to its highest rate in over 10 years.

Aujourd'hui:
09h30 Switzerland: SNB's monetary policy decision, exp 0.25%, previous 0.25%.
10h30 United Kingdom: Retail sales M/M May, exp +0.40%, previous +0.90%.
12h00 United Kingdom: CBI Industrial Trends Survey June, exp -45, previous -56.
13h00 Canada: Consumer Price index M/M May, exp 0.40%, previous -0.10%.
14h30 United States: Weekly Jobless Claims, exp 600'000, previous 601'000.
15h30 United States: Speech by Treasury Secretary Geithner.
16h00 United States: Leading Indicators May, exp 0.90%, previous 1.00%.
16h00 United States: Philadelphia Fed Business index, exp -17, previous -23.

Overnight Rates and Indices:
EURUSD: 1.3974 – 1.3921.
USDCHF: 1.0829 – 1.0778.
GBPUSD: 1.6430 – 1.6346.
EURJPY: 134.11 – 133.27.
USDJPY: 96.00 – 95.63.
DowJones: 8’497 -0.09%.
NASDAQ: 1’808 +0.66%.
S&P 500: 911 -0.14%.
Nikkei: 9’704 -1.39%.
Gold: $938.
Crude Oil: $70.93.
 
Comments:

The US Dollar is again under pressure against its major rivals, close to 1.4000 against the Euro and 95 against the Japanese Yen. The inflation figures from the United States dampened speculation the Federal Reserve would raise interest rates by the end of the year, despite the recent rise in bond yields.

The US President Obama presents a draft for financial reform aimed at strengthening the control of large institutions to discourage them from taking excessive risks (derivatives) that could lead to a new crisis. Treasury Secretary Geithner will respond this afternoon to questions about the plan before Congress.

At 9h30 CET, the Swiss National Bank will announce the status quo of its key policy interest rate. The market will focus on the statements which follow, which are likely to indicate what measures the Swiss Institution will undertake.

Good Day

Emman Xuereb
RTFX Ltd
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