USD Trading Outlook (26-07-2011)
U.S. Dollar Trading (US) stocks opened to the downside but the reaction on the FX markets was muted with the event risk of the debt negotiations and a possible deal at any time. The reaction to a deal could be Dollar positive but stock markets and risk appetite will be key for FX movement. The reaction to no deal would be a major shock to global financial markets. In US stocks, DJIA -88 points closing at 12592, S& P -7 points closing at 1337 and NASDAQ -16 points closing at 2842. Looking ahead, June New Homes Sales forecast at 0.32mn vs. 0.319mn previously.
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