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Foreign Currency Markets – Spanish Property 20 July 2006

August 21, 2010

Summary of Overnight News:
• The FTSE-100 will open sharply increased this morning following last night’s strong gains in New York, as dovish comments by Fed chairman Ben Bernanke and sliding oil prices allowed investors to place the crisis inside the Middle East to a single side and put a bit of blue on our screens to match the skies outside.

• US stocks surged higher on Wall Street last night after Federal Reserve Chairman Ben Bernanke reassured the marketplace with his view that economic growth appears to be moderating and inflation remains contained, traders noted.

• ‘Clearly we don’t want to tighten too much to trigger our economic climate to grow more slowly than its possible,’ Bernanke said throughout questioning prior to the Senate Banking Committee.
• Investors interpreted Bernanke’s testimony as a sign the Fed is close to ending its streak of interest rate hikes, dealers added.
• The DJIA closed 212.19 factors increased at 11,011.42, its finest efficiency of 2006, while the Nasdaq ended up 37.49 points at two,080.71.

USA

Figures out Today:
13:30 US jobless claims (w/e 15/7) k Prev 332
13:30 CA wholesale revenue (May) %m/m Prev 0.1
15:00 US leading indicators (Jun) percent Prev -0.6
17:00 US Philadelphia Fed (Jul) Prev 13.1
19:00 US Minutes of 29 Jun FOMC Meeting

• Yesterday’s 0.3% rise inside the US June core CPI tipped the balance to another 25bp rate hike on 8 August. But a much less hawkish than expected and fairly noncommittal testimony from Chairman Bernanke added a fraction more ambiguity towards the chance of an imminent rate hike, while using focus seemingly more for the longer expression impact on inflation from moderating growth. His testimony, which gave powerful boost to US and European share rates and Treasury bonds, came since the Fed released forecasts suggesting that it is prepared to bring US inflation down gradually, to minimise the damage towards the genuine economic system.

UK

Figures out Today:
09:30 Retail product sales (Jun) %m/m Exp 0.2 Prev 0.5
09:30 Retail sales (Jun) %y/y Exp two.7 Prev 4.0
09:30 PSNB (Jun) £m Exp 7000 Prev 6583
09:30 PSNCR (Jun) £m Exp 13000 Prev 16246
• UK retail product sales (09:30) are forecast to have edged up in the course of June, by around 0.2%. All round, the quarterly overall performance with the retail sector ought to have improved considerably in Q2 which ought to underpin tomorrow’s release for GDP, expected to have grown 0.7% in Q2, inline with the MPC’s central projection.

Japan

Figures out These days:
06:00 JN BoJ Monetary Policy Minutes
EURUSD @ 1.2590 GBPUSD @ 1.8435 GBPEUR @ 1.4640 USDJPY @ 116.85

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