MORNING BRIEFING: The EURUSD still stable between 1.4300 - 1.4120. Beige Book at 20:00 CET.

[RTFX-Trading]

MORNING BRIEFING: The EURUSD still stable between 1.4300 - 1.4120. Beige Book at 20:00 CET.

What's new:
U.S. Tax Evasion: A 3rd UBS client plead guilty.
China: The government warned the United States against the injection of dollars.
United States: deterioration of consumer confidence in July.
United States: rising prices for new houses in May.

Today:
08:45 France: PPI June, expected unchanged, last -0.30%.
10:30 England: mortgage approvals June, expected 47,000, last 43'410.
16.00 U.S.: Durable goods orders June, expected -0.60%, last 1.80%.
20:00 U.S.: Beige Book of the EDF.

Rates in Asia and Indices:
EURUSD :  1.4196 – 1.4139.
USDCHF:  1.0772 – 1.0732.
GBPUSD :  1.6468 – 1.6392.
EURJPY:  134.34 – 133.38.
USDJPY:  94.68 – 94.17.
DowJones :  9’096 -0.13%.
NASDAQ:  1’975 +0.39%.
S&P 500: 979 -0.26%.
Nikkei:  10’115 +0.28%.
Gold : $937.20.
Oil : $66.62.
 
Commentaires:

The dollar surged yesterday against its main rivals after stronger degradation than expected U.S. consumer confidence in July, reflecting the impact of difficulties on the labor market. Prior to these figures, the market was set to rise, anticipating a clear break of 1.4305, which did not occur, causing a continued decline in the EURUSD from 1.4304 to 1.4221. Yesterday, the mixed results of European and U.S. companies weighed on the "carry trades", the Japanese yen was up nearly 1% against its major rivals.

In China, Chinese Vice Premier Wang Qishan warned the United States against too massive injections of liquidity in the markets. China, third world economy, is the largest creditor of the United States and holds at 31 May 802 billion of bonds issued by the US Treasury. It is therefore in the interest of both countries that China is buying the debt of the United States to finance a deficit that could soon reach 1,800 billion dollars, while China access the U.S. market is vital.

Today, the market expects the "Beige Book" of the U.S. Federal Reserve tonight at 20:00 CET.

Good day.

Nicolas Longchamp
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

This message and any attachments (the "message") are intended solely for the addressees and are confidential. If you receive this message in error, please delete it and immediately notify the sender. Any use not in accordance with its purpose, any dissemination or disclosure, either whole or partial, is prohibited except with formal approval. The internet cannot guarantee the integrity of this message. RTFX Ltd (and its subsidiaries) shall (will) not therefore be liable for the message if modified. Do not print this message unless it is necessary, consider the environment. RTFX Ltd holds a Category 3 license issued by the Malta Financial Services Authority.