2010-07-14
Market Report – Afternoon - 14 July 2010
» Both EUR/USD and GBP/USD tried to consolidate at the highs today but both struggled to make new gains.
» The GBP/JPY continued higher for a third consecutive session, extending its recovery from Tuesday’s lows around 132.40. During today’s Asian session, GBP/JPY rose 110 pips to set a fresh 3-week high at 135.70/80 before retreating.
» Across Asia, regional markets are all pushing higher in afternoon trade after Intel reported a stronger-than-expected Q2 result and Singapore upgraded its 2010 economic growth forecast.
» In Australia, the ASX 200 is currently at an intra-day high of around 4460. After the strong performance in the US overnight we are seeing broad-based gains across our market with the heavyweight materials, financials, energy and industrial sectors all convincingly higher as a solid start to the US earnings season has buoyed investor sentiment.
» Looking ahead, tonight we will see Retail Sales data out of the US. Previous -1.2%, forecast -0.2%. The FOMC meeting minutes are due out tonight as well. In the UK the unemployment rate is also due out. Unemployment change, previous -30.9K, forecast -20.1K, Unemployment rate is forecasted to remain at 7.9%.
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