MORNING BRIEFING: EURUSD is stable between 1.4120 – 1.4290.

[RTFX-Trading]

MORNING BRIEFING: EURUSD is stable between 1.4120 – 1.4290.

What’s new:
United States: Nancy Pelosi does not support a second stimulus plan.
Spain: Number of unemployed should surpass 1 million in 2010.
United States: Chrysler takeover by Fiat approved by Brussels.
United States: Decline of consumer sentiment confirmed in July.
Germany: IFO business climate better than expected, highest in 9 months.
United Kingdom: GDP in 2Q lower on decrease in activity.

Today:
08h00 Germany: Gfk Consumer Confidence Survey August, exp 2.9, previous 2.9.
10h00 Germany: M3 June, exp 3.50%, previous 3.70%.
16h00 United States: New Home Sales June, exp 360'000, previous 342'000.

Overnight Rates and Indices:
EURUSD: 1.4246 – 1.4172.
USDCHF: 1.0741 – 1.0694.
GBPUSD: 1.6466 – 1.6382.
EURJPY: 135.05 – 134.26.
USDJPY: 94.89  - 94.68.
DowJones: 9'093 +0.26%.
NASDAQ: 1’965 -0.39%.
S&P 500: 979 +0.30%.
Nikkei: 10’102 +1.59%.
Gold: $955.40.
Crude Oil: $68.76.
 
Comments:

There is a calm mood on the foreign exchange market, the EURUSD remains stable between 1.4120 – 1.4290, the USDCHF trades in the range of 1.0620 – 1.0775, the GBPUSD between 1.6600 – 1.6275. These points are to be watched earlier this week, as a clear break of one of these points could lead some investors to take new positions.

This week, GDP numbers from the United States and the Fed Beige Book are the economic news which will likely trigger the most movements in the foreign exchange market. GDP in the United States should decline by 1.5% in the 2nd quarter 2009, while the Beige Book should deliver a relatively pessimistic outlook. The Dollar should remain under pressure at the beginning of this week, while the Australian Dollar, New Zealand and the Euro should continue to find support.

Have a nice week..

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
Web: www.rtfx.com

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