2010-07-13
Market Report –Afternoon Update- 13 July 2010
» On the European open Moody’s downgraded Portugal to A1 which saw EUR/USD hit hard to 1.2520/30
» Across Asia, regional markets are mostly lower this afternoon, choosing to ignore Alcoa’s better-than-expected Q2 earnings result and instead are focusing on Chinese comments reiterating their intention to curb property prices.
» The European economic calendar is loaded with data on inflation. In particular, the UK CPI for June looks to be the most important piece of economic data in the European session tonight. Headline CPI is expected to show no increase month-over-month, which is down from the 0.2% rise in the prior month. Previous 3.4%, Forecast 3.2%
» The GBP was once more a victim of a stronger USD, extending its corrective movement to the downside for a 4th consecutive day. A rapid acceleration downwards broke an intra-day support around 1.5010/20, triggering a bearish spike bottoming at around the 1.4970 level. At present, the constant bearish pressure seems to be heading towards the support level of 1.4950 level seen yesterday.
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