- UK RICS House price expectation index turns positive.
- RBNZ say NZ economy recovering faster than others.
- Singapore Q2 GDP +20.4%, qtr/qtr.
- European Union to make it more expensive for banks to bet with their own money.
- Australia June Business Confidence index rises 6 points to +4, first positive reading since Dec 2007.
- Yosano says BOJ should continue buying commercial paper and bonds.
- Asian Stockmarkets put in solid gains
- Gold unchanged at 920
Just like yesterday there was interest to buy Yen crosses into the Tokyo fix and sold off after that. Volumes were light and not even strong stockmarket gains could tempt traders. GBP saw a tight and whippy session with stops triggered on the way up above 1.6260 in the early morning and stops hit under 8605 in EURGBP. Then after the fix,YEN cross sellers emerge with talk of a big Japanese seller at 130.50 area pushing market back down to 129.60. GBPJPY retreated to see GBP give up the early gains trading back to 1.6230 with traders still looking at selling into rallies. EURJPY found bids above 129.50 helping it trade back above 130 late afternoon, with intraday traders squaring positions.
EUR found support back at 1.3960, trading in a tight 40 pip range as traders await German Zew numbers and a lead from Wall St tonight as US earnings season switches into high gear.
Good Business Confidence numbers saw the AUD trade from the 7810 area straight back up to 7840, spending the rest of the day inching higher into the 50’s. The numbers showed that Australian business confidence moved into poitive territory for the first time since Dec 2007 while the labour component showed of the index showed the largest monthly rise in history.
Ranges:
EURUSD 1.3958 – 14008
GBPUSD 1.6227 -1.6293
USDJPY 92.79 – 93.16
EURJPY 129.64 – 130.43
AUDUSD 7812 – 7856
Goodluck,
Sam
