USD Trading Outlook (29-07-2011)

U.S. Dollar Trading (US) risk remained off overnight as the market waited for news regarding the US debt ceiling negotiations which have stalled. US data was strong with June Pending Home Sales rising +2% vs. -2% forecast. Weekly Jobless claims fell below the psychological level of 398k vs. 418k previously. In US stocks, DJIA -62 points closing at 12240, S&amp P -4 points closing at 1300 and NASDAQ +1 points closing at 2766. Looking ahead, Q2 GDP forecast at 0.1% vs. 0.0% previously. July Michigan Consumer Confidence forecast at 64 vs. 63.8.

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