Currency Updates:
U.S. Dollar Trading (US) the Dollar lost more ground with US stocks soaring on increasing optimism that Greece will pass the Austerity budget up for vote today/tomorrow. US data was weak with Apr Case Shiller falling -4.0% vs. -3.9% y/y forecast. Also June CB Consumer Confidence dropped further to 58.5 vs. 61.7 previously. In US stocks, DJIA +145 points closing at 12188, S& P +16 points closing at 1296 and NASDAQ +41 points closing at 2241. Looking ahead, May Pending Home Sales forecast at 3.8% vs. -11.6% previously.
The Euro (EUR) in the back drop of protests in Greece optimism is still strong that the austerity budget will pass. Also helping is talk the French/German banks will participate in a voluntary debt rollover to help give Greece further breathing room. Overall the EUR/USD traded with a low of 1.4236 and a high of 1.4398 before closing the day around 1.4345 in the New York session. Looking ahead, June Consumer Sentiment forecast at -10 vs. -9.8.
The Japanese Yen (JPY) was the weakest currency in the market with USD/JPY able to break resistance on topside and crosses all rebounding aggressively. EUR/JPY led higher above Y116 and the carry trade AUD/JPY reclaimed the key Y85 level. The market is been support buy a potential earthquake   Overall the USD/JPY traded with a low of 80.65 and a high of 81.27 before closing the day around 81.05 in the New York session.
The Sterling (GBP) was not eager to rally with annual Q1 GDP downgraded to 1.6% vs. 1.8% previously and continued bearish sentiment towards the BOE monetary policy. The large stock gains forced the market higher but it lagged the rest of the market best expressed by the EUR/GBP which pushed towards 0.9000. Overall the GBP/USD traded with a low of 1.5909 and a high of 1.6046 before closing the day at 1.5995 in the New York session. Looking ahead, May Mortgage approvals forecast at 46.1k vs. 45.2k previously.
The Australian Dollar (AUD) surged back to life back above 1.0500 and Y85 and threatening to catch the market short. The sharp move higher is not unusual for the much loved Aussie when stock markets rebound higher. Also helping was strong commodities markets. Overall the AUD/USD traded with a low of 1.0434 and a high of 1.0549 before closing the day at 1.0530 in the New York session.
Oil & Gold (XAU) Gold remained close to the $1500 level consolidating recent losses. Overall trading with a low of USD$1495 and high of USD $1506 before ending the New York session at USD$1504 an ounce. Oil had a good day tracking stocks higher. WTI Oil Closed +2.28 at $92.89 a barrel.
