Currency Updates:
U.S. Dollar Trading (US) some profit taking and negativity returned to the stock markets overnight with uncertainty regarding the second Greece bailout and US deficit plan jitters. Existing Home Sales slumped to 4.77mn vs. 4.91mn forecast with weakness in US housing market still evident.   In US stocks, DJIA -15 points closing at 12571, S& P -1 points closing at 1325 and NASDAQ -12 points closing at 2814. Looking ahead, Weekly Jobless Claims forecast at 410k vs. 405k previously.
The Euro (EUR) the Euro was quiet, consolidating ahead of the today& rsquo s important economic summit in which a new Greece deal may be announced. The potential of disunity without the Union is another issue that traders will be closely watching. Overall the EUR/USD traded with a low of 1.4132 and a high of 1.4275 before closing the day around 1.4230 in the New York session. UPDATE EUR/USD higher in early Asia on news French/German agreement on Greece.
The Japanese Yen (JPY) came under pressure with risk off trade and weak US data helping push the major and crosses lower. USD/JPY broke under support at Y79 and as it pushes lower the chance of BOJ intervention talk/action grows. Overall the USD/JPY traded with a low of 78.69 and a high of 79.33 before closing the day around 78.80 in the New York session.
The Sterling (GBP) the GBP was quiet in a tight range with losses against the Yen and Euro the only noticeable movement. The MPC minutes remained the same as the previous month and the outlook is for no action from the central bank for the next few months. Overall the GBP/USD traded with a low of 1.6067 and a high of 1.6176 before closing the day at 1.6150 in the New York session. Looking ahead, June Retail Sales forecast at 0.5% vs. -1.4%.
The Australian Dollar (AUD) the Aussie was strong even with negative stocks with most traders waiting for more news in regards to the US debt ceiling debate and Greece bailout before fresh direction. Major resistance is seen at 1.0800 and could contain while 1.0500 is providing plenty of support in recent weeks. Overall the AUD/USD traded with a low of 1.0607 and a high of 1.0645 before closing the day at 1.0730 in the New York session.
Oil & Gold (XAU) the downside was short-lived and the market pushed higher back towards the $1600 level. Overall trading with a low of USD$1580 and high of USD $1602 before ending the New York session at USD$1595 an ounce. Oil consolidated above $98. WTI Oil Closed +$0.54 at $98.40 a barrel.
