Daily Forex View- 10:00 GMT- 6 July 11 North America-Europe

By: Milla Shaw in Forex Consultant on Jul. 3, 2011

 

 

  • Sluggish trade suddenly came to life Tuesday afternoon when Moody’s downgraded the credit rating of Portugal to Ba1 from Baa1 to junk status. The EUR fell vs. the USD and CHF on the news. 

  • Now there is speculation about other downgrades just when we thought that the Greek situation was being placed on the back burner. The European proclivity foe sweeping problems under the carpet suggests that these market factors are not going to go away soon.

  • The ECB has already signaled ECB rate hike tomorrow. The main focus is likely to be the tone of the policy statement.

  • On Friday, the markets are expecting a subpar increase in momfarm payrolls. The surprise would be a better than expected number.

  • This week sees an exceptionally active data calendar. 

Forex pairs vs 2yr note spreads


   Forex   #REF!     GBP vs. 9:34 EUR 1.4346 70 JPY 116.15 68 JPY 129.66 50 GBP 1.6015 46 GBP 89.58 18 CHF 135.02 2 CHF 0.8431 23 CHF 1.2095 26 CHF vs.     JPY 80.96 8       JPY 96.03 36

Some traders focus intently on the Japan vs. U.S. 2yr note spread .

COMMODITIES and Commodity Currencies


   Commodity         9:34 CAD 0.9647 15 AUD 1.0689 4 Gold 1515 0.77 CNY 6.4640 32 NZD 0.8263 21 WTI 96.82 0.06

EQUITIES & INTEREST RATES

Bonds are a counter to risk trades because risk investments must be financed. When the cost of money moves up , the return and allure of risk trades such as equities falls. 


   Equities           9:34 NIK 10082 110 DAX 7425 15 DJIA 12570 0 HSI 22518 230 FTSE 5994 30 S&P 1338 0 SSEC 2898 0 SMI 6519 0 NAS 2826 0 ASX 4605 7       TSE 13445 0

See ECONOMIC CALENDAR for a complete list of future forex market events and consensus data estimates. Go to the forex forum for uptodate market developments and technical trading ideas.

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