MORNING BRIEFING: The EURUSD stable around 1.4100. Investors seem bearish towards the Pound.

[RTFX-Trading]

MORNING BRIEFING: The EURUSD stable around 1.4100. Investors seem bearish towards the Pound.

What’s new?
United States: NAHB Housing market index at its highest since September 2008.
United States: Philadelphia Fed index falls in July.
United States: Strong increase in net outflows in May.
China: Economy grows 7.90% in second quarter of 2009.

Today:
11h00 Euro zone: Trade Balance May, exp 2.7B previous 2.7B.
14h30 United States: Housing Starts June, exp 540'000, previous 532'000.
14h30 United States: Building Permits June, exp 530'000, previous 518'000.

Overnight Rates and Indices:
EURUSD: 1.4151 – 1.4094.
USDCHF: 1.0767 – 1.0728.
GBPUSD: 1.6446 – 1.6339.
EURJPY: 132.91 – 131.88.
USDJPY: 93.93 – 93.48.
DowJones: 8'711 +1.11%.
NASDAQ: 1’885 +1.19%.
S&P 500: 940 +0.86%.
Nikkei: 9’401 +0.61%.
Gold: $937.20.
Crude Oil: $61.71.
 
Comments:

The market is still confident following reassuring US economic figures and results from large US corporations. IBM figures, published just before the close on Wall Street helped the EURUSD close at the highest of the day yesterday at 1.4150. Corporate earnings will continue to be published today with the much anticipated results from Bank of America, Citigroup and General Electric taking center stage.
   
Regarding the Pound, investors are beginning to seem bearish on the Pound. Reports from the UK suggest a more serious impact from Swine Flu than previously imagined. According to a Swiss radio this morning, 55,000 people are currently infected now and that in August, close to a 100,000 Britons will be infected each day. Other reports state that 65,000 Britons could die.

Good Weekend.

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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