The gains in the equity market are still putting pressure on the greenback and the Japanese yen. The investors preferred taking risks buying stocks again after strong earning reports came out from the banking sector last week. The earning reports were strong but they were missing the operational profits of the real demand for loans. Most of the profits came from selling of assets which mean a contraction and from the stocks commissions which is not reflecting a real progress of the banking sector active role in the real economy in spite of the current high level of afforded liquidity which drove the cost of money to a very low level but until now it is not enough to meet the demand for making operational profits and asking again for jobs. Since, the recent release of June US consumers confidence survey which has declined to 49.3 and it was expected to be 57 and ended with the release of US July consuming sentiment survey of University of Michigan preliminary reading which came down to 64.6 and it was expected to be 71 which should bring the market focusing on the consuming again with next week releases of US July consumers confidence and if we had further weaker data, this can effect negatively on the confidence in the recovery. Until these gains momentum fading out, the pressure on these low yielding currencies is expected to continue. This pressure has been triggered on the beginning of last week by Meredith Whitney's upgrading of Goldman sacks stocks to buy from neutral expecting it go up 30% which mean about 186$ per share. The giving support to the other major currencies such as the British pound and the single currencies asking for taking risk and joining this wave which has been caused technically by last week strong containing and bullish closing which brought S&P future from 865 to 940 at its close and it is now trading at 943 by the US session opening.


By God's will, we wait today for the release of US leading indicators index of June which is expected to be up by .5% After May increasing by 1.2% but the movements changes of the equities markets are expected to be the major indicators of the currencies market currently.