Currency Updates:
U.S. Dollar Trading (US) most currencies gained against the USD led by a strong rally in the Euro. US stocks made small gains but commodities fell on fears China growth may slow down more than expected. June UoM Consumer Sentiment dropped to 71.8 vs. 74.3 previously. In US stocks,DJIA +42 points closing at 12004, S& P +3 points closing at 1271 and NASDAQ -7 points closing at 2616.
The Euro (EUR) hopes that the EU finance meeting would produce a new deal on Greece debt were helped by softer comments from Germany&rsquo s Markel on the subject of voluntary participation in rolling over debt. Overall the EUR/USD traded with a low of 1.4125 and a high of 1.4340 before closing the day around 1.4305 inthe New York session. Looking ahead, Announcement from EU Finance minister meeting.
The Japanese Yen (JPY) dollar weakness helped the major head back to the lower end of its recent range at the Y80 key level. Weak US Consumer sentiment and cautious crosses have allowed the Yen to remain on the front foot. EUR/JPY rallied back towards the key Y115 level.Overall the USD/JPY traded with a low of 80.00 and a high of 80.65 before closing the day around 80.15 inthe New York session.
The Sterling (GBP) tested 1.6200 on the back of the Euro strength but sentiment is still very mixed towards the pound given the recent run of weak data and the chance of massive protests to government austerity measures. Overall the GBP/USD traded with a low of 1.6093 and a high of 1.6200 before closing the day at 1.6195 in the New York session.
The Australian Dollar (AUD) was unable to take full advantage of the USD weakness and stronger stock markets with commodities under pressure for most of the day. Hurting commodities at the moment is fears that the China central bank will have to raise rates soon to fight inflation and that growth may slow down quicker than thought. Overall the AUD/USD traded with a low of 1.0510 and a high of 1.0638 before closing the day at 1.0625 in the New York session.
Oil & Gold (XAU) Gold bucked the trend of commodities rallying on sovereign debt fears and USD weakness. Overall trading with a low of USD$1522 and high of USD $1542 before ending the New York session at USD$1539 an ounce. Oil continued to slide on China and slowing global growth concerns. WTI Oil Closed -0.70 at $92.40 a barrel.
