MORNING BRIEFING: Investors wait for further economic indicators and earnings results to take new positions.

[RTFX-Trading]

MORNING BRIEFING: Investors wait for further economic indicators and earnings results to take new positions.  

What’s new?
United States: Wall Street closes on the rise, reassuring the banking sector.
United States: Budget deficit at $94.32B, a new record for June.
ECB Trichet: Resumption of credit will take time.
ECB Trichet: Warned against idea that it is too early to consider exit strategies from crisis, calling it completely false.
Switzerland: PPI falls 5.60% in June year on year.

Today:
10h30 United Kingdom: CPI M/M June, exp 0.30%, previous 0.60%.
11h00 Euro Zone: ZEW Economic Sentiment June, exp 47.8, previous 44.8.
11h00 Euro Zone: Industrial Production May, exp +1.20%, previous -1.90%.
14h30 United States: Retail Sales M/M June, exp +0.40%, previous 0.50%.
14h30 United States: Retail Sales ex Auto June, exp +0.50%, previous +0.50%.
14h30 United States: PPI M/M June, exp +1.00%, previous +0.20%.
14h30 United States: PPI ex Food and Energy M/M June, exp +0.10%, previous -0.10%.
16h00 United States: Business Inventories May, exp -1.00%, previous -1.10%.
16h00 United States: IBD Economic Optimism July, previous 50.8.

Overnight Rates and Indices:
EURUSD: 1.4001 – 1.3960.
USDCHF: 1.0845 – 1.0807.
GBPUSD: 1.6293 – 1.6223.
EURJPY: 130.49 – 129.67.
USDJPY: 93.32 – 92.81.
DowJones: 8'331 +2.27%.
NASDAQ: 1’793 +2.12%.
S&P 500: 901 +2.49%.
Nikkei: 9’254 +2.25%.
Gold: $919.50.
Crude Oil: $60.12.
 
Comments:

A series of economic news and results from large US companies is on the agenda today: the results of large firms like Goldman Sachs, as well as the retail and producer prices in June from the United States.

The President of the European Central Bank, Jean-Claude Trichet, yesterday expressed contained optimism about the prospects of the Euro zone for the remainder of 2009, while insisting on the resumption of the credit market.
   
Investors bought the "carry trades" yesterday, as the pairs GBPJPY is up to 151.40, the NZDJPY up to 59.05 and AUDJPY rising to 73.20. The USDJPY, having tested an area of major support at 91.70-92.00 (see our message of yesterday), is clearly on the rebound to 93.30.

Good Day

Emman Xuereb
RTFX Ltd
Head Office
The Cornerstone Complex, 16th September Square | Mosta MST 1180 | Malta
Tel:  +356 23 31 00 00
Fax: +356 21 41 24 58
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