Market Review - 29/07/2014 22:42GMT
U.S. dollar rises broadly on upbeat U.S. consumer confidence
The greenback rose broadly against major peers on Tuesday after the release of stronger-than-expected U.S. consumer confidence data. Euro dropped to a fresh 8-month low at 1.3404 versus the U.S. currency.
U.S. Conference Board consumer confidence came in at 90.9, much stronger than market consensus of 85.3. however, U.S. single-family home prices fell unexpectedly in May, declining for the first time in more than two years. The S&P/Case Shiller composite index of 20 metropolitan areas declined 0.3 percent in May on a seasonally adjusted basis, its first fall since January 2012, versus economists’ forecast of 0.2 percent rise.
The greenback rose against the Japanese yen and Swiss franc to 102.16 and 0.9074 respectively, however, trading volume is relatively thin as traders awaited U.S. economic data and a potentially more hawkish tone from the Federal Reserve.
The British pound rebounded briefly to 1.6995 and then tumbled to a near 1-1/2 month low at 1.6934. Cable showed muted reaction to a higher-than-expected U.K. mortgage approvals. Jun figures came in at 67.196K versus forecast if 62.6K. Lending amount came in at 2.08 billion versus forecast of 1.90 billion.
In other news, IMF managing director Christine Lagarde said IMF's current assumptions hold, Ukraine needs no additional financing; Ukraine program premised on having some resolution of country's conflict in not too distant future.
Wednesday will see the release of Japan’s industrial output, industrial production forecast, Swiss KOF indicator, Eurozone business climate, economic and services sentiment, Germany’s CPI and HICP, U.S. ADP employment, Canada’s producer prices, U.S. GDP and FOMC rate decision.
U.S. dollar rises broadly on upbeat U.S. consumer confidence
The greenback rose broadly against major peers on Tuesday after the release of stronger-than-expected U.S. consumer confidence data. Euro dropped to a fresh 8-month low at 1.3404 versus the U.S. currency.
U.S. Conference Board consumer confidence came in at 90.9, much stronger than market consensus of 85.3. however, U.S. single-family home prices fell unexpectedly in May, declining for the first time in more than two years. The S&P/Case Shiller composite index of 20 metropolitan areas declined 0.3 percent in May on a seasonally adjusted basis, its first fall since January 2012, versus economists’ forecast of 0.2 percent rise.
The greenback rose against the Japanese yen and Swiss franc to 102.16 and 0.9074 respectively, however, trading volume is relatively thin as traders awaited U.S. economic data and a potentially more hawkish tone from the Federal Reserve.
The British pound rebounded briefly to 1.6995 and then tumbled to a near 1-1/2 month low at 1.6934. Cable showed muted reaction to a higher-than-expected U.K. mortgage approvals. Jun figures came in at 67.196K versus forecast if 62.6K. Lending amount came in at 2.08 billion versus forecast of 1.90 billion.
In other news, IMF managing director Christine Lagarde said IMF's current assumptions hold, Ukraine needs no additional financing; Ukraine program premised on having some resolution of country's conflict in not too distant future.
Wednesday will see the release of Japan’s industrial output, industrial production forecast, Swiss KOF indicator, Eurozone business climate, economic and services sentiment, Germany’s CPI and HICP, U.S. ADP employment, Canada’s producer prices, U.S. GDP and FOMC rate decision.
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