USD Trading Outlook (20-07-2011)
U.S. Dollar Trading (US) a major relief rally was staged overnight with commodities and stocks soaring on positive debt news and US housing data. June Housing starts gained +14.6%m/m in a sharp and promising rise. Talk that a US debt deal was getting to closer to having bipartisan support also helped reduce the downgrade threat the US is facing. In US stocks, DJIA +202 points closing at 12587, S& P +21 points closing at 1326 and NASDAQ +61 points closing at 2826. Looking ahead, June Existing Home Sales forecast at 4.9mln vs. 4.81mn previously.
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