EU Morning Report - Eyes on BoE minutes - Forex
International Business Times
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By Markos Solomou | July 18, 2012 4:47 PM EST

Easy Forex
The euro (EUR) recorded gains against most of its major counterparts even as the German ZEW economic sentiment and current situation indices came out lower than expected. On other news, Greece remains under pressure to deliver additional spending cuts, while Finland achieved a collateral deal as part of the Spanish bank bailout. Versus the US dollar (USD), the single currency rose to 1.2295 from 1.2264.

The US dollar (USD) produced losses versus a basket of currencies as Fed Chairman Bernanke did not provide clear quantitative easing (QE) hints during his first day of testifying before the Senate. QE may occasionally be used to enhance the money supply by purchasing government securities or other securities from the market. The second testimony by the Fed Chairman due today at 14:00 GMT is expected to capture investors’ attention worldwide. Versus the Canadian dollar (CAD), the greenback dropped to 1.0120 from 1.0151 as Bank of Canada decided to leave its lending rate unchanged at 1.00%

The British pound (GBP) rose to 1.5663 from 1.5625 US dollars, ahead of the Bank of England (BoE) Monetary Policy Committee (MPC) meeting minutes release today at 08:30 GMT.

Oil prices rose to 87.79 from 86.75 dollars a barrel. Gold (XAU) remained flat around 1590 US dollars an ounce. Against the euro, gold dropped to 1295.05 from 1297.51 euro an ounce. Silver (XAG) moved up to 27.3655 from 26.9700 dollars an ounce. Stay in tune throughout the day with foreign exchange bullets!

Outlook
PivotPreference1Sentiment2

EURUSD1.2245LONG @ 1.225556% of deals buy EUR

USDJPY79.20LONG @ 79.1084% of deals buy USD

GBPUSD1.5610LONG @ 1.562046% of deals buy GBP

AUDUSD1.0275LONG @ 1.027542% of deals buy AUD

GOLD1587LONG @ 158757% of deals buy GOLD

OIL87.35LONG @ 87.3532% of deals buy OIL
1 data generated by Trading Central, 2 data obtained from easy-forex Inside Viewer
CalendarCurrencyTime (GMT)EventForecast

GBP08:30Claimant Count in June
5k

USD12:30Build Permits in June
0.76 mil

USD12:30Housing Starts in June
0.74 mil
EquitiesEUROPE
US
ASIA3

FTSE 100-0.59%
S&P 5000.74%
NIKKEI-0.35%

DAX0.18%
DJIA0.62%
HIS-1.58%

CAC-0.09%
NASDAQ0.45%
CSI 300-0.28%
3 at the time of writing
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