Interest in US Dollar increases
The US Dollar once again overtook the Euro in overseas trading despite soft US PPI and retail sales data figures.
The Sterling and Yen however avoided further falls and traded flat.
The US PPI dropped 0.6% in May vs a rise of 0.6% in the previous month, while core PPI (excluding food and energy) rose 0.1% from 0.3% during the same period. US May Retail sales fell by 0.5% from an increase of 1.4% and retail sales excluding auto sales fell by 0.2% in May from a 1.1% rise in the previous month.
The Euro also took a beating after the UK's PM- Tony Blair spoke of a "sharp disagreement" with French President Jacques Chirac over the future of the EU budget. The UK is under pressure to give up the annual rebate it receives under the terms of the current EU budget.
Whilst the rest of Europe's beaurocrats continue to ignore the key fact that they are out of touch with the electors- as the French and the Dutch recently proved. Will Luxembourg be the next country to come to it's senses after their deluded Prime Minister asked to be backed or he would resign?
The US TICS capital inflows and CPI figures are some of the important data releases lined up for today.
Outlook for the day
EUR/USD - Euro is expected to trade between 1.2000-1.2100 range. It needs to hold near 1.2000 levels for some time to see any meaningful recovery.
GBP/USD - GBP is expected to trade in 1.8000-1.8100 range.
USD/JPY - USD/Yen is consolidating its gains above 109.00 and is expected to trade in 109.00-110.00 range.
The Sterling and Yen however avoided further falls and traded flat.
The US PPI dropped 0.6% in May vs a rise of 0.6% in the previous month, while core PPI (excluding food and energy) rose 0.1% from 0.3% during the same period. US May Retail sales fell by 0.5% from an increase of 1.4% and retail sales excluding auto sales fell by 0.2% in May from a 1.1% rise in the previous month.
The Euro also took a beating after the UK's PM- Tony Blair spoke of a "sharp disagreement" with French President Jacques Chirac over the future of the EU budget. The UK is under pressure to give up the annual rebate it receives under the terms of the current EU budget.
Whilst the rest of Europe's beaurocrats continue to ignore the key fact that they are out of touch with the electors- as the French and the Dutch recently proved. Will Luxembourg be the next country to come to it's senses after their deluded Prime Minister asked to be backed or he would resign?
The US TICS capital inflows and CPI figures are some of the important data releases lined up for today.
Outlook for the day
EUR/USD - Euro is expected to trade between 1.2000-1.2100 range. It needs to hold near 1.2000 levels for some time to see any meaningful recovery.
GBP/USD - GBP is expected to trade in 1.8000-1.8100 range.
USD/JPY - USD/Yen is consolidating its gains above 109.00 and is expected to trade in 109.00-110.00 range.
posted by Drs Search @ 8:47 AM
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