MARKET NEWS 7TH JULY 2010
Good Morning,
GBP
The Pound fell against the Euro during yesterdays afternoon trading session. The Pound, however, did increase against the US Dollar as investors also sold-off US Dollar in favour of the Euro. Trading levels fell to the lowest levels in two-weeks as there was no positive economic data to help boost the Pound.
EUR
The Euro made significant gains against the US Dollar yesterday afternoon after weaker than expected US data created a US Dollar sell-off. European equities rallied along with the Euro yesterday, which is only two days away from the all-important EBC interest rate announcement on Thursday.
USD
The major news from yesterday was the release of the US Services ISM. This fell more than expected from 55.4 down to 53.8. The resulted in a decline in the strength of the US Dollar. Furthermore, later in the evening the US ABC/Washington Post Consumer Confidence fell from -41 down to -42.
Chris Canning.
Archive News
This commentary is generic and may not suit all circumstances. Before taking any action, we recommend either contacting your trader for guidance or obtaining independent financial advice. The information in this document was obtained from sources believed to be reliable but its accuracy and completeness cannot be guaranteed. The views and recommendations in this communication are typically short term trading views. Comments constitute views at the time of writing and are subject to change without notice. The rates shown are all indications. For specific quotations, please contact your usual trader. This document is not intended as an offer, solicitation or recommendation to buy or sell.