US Dollar (USD) – The Dollar managed to maintain its strength on Friday and on the beginning of this week trading. Mixed finical data that was released on Friday helped the bullish trend of the Dollar. Trade Balance beat expectations and was released at -26B vs. -30B forecast. Michigan Consumer Sentiment Index came worse than expected at 64.6 vs. 71.1 forecast and 70.8 previously. President Barack Obama said his $787 billion stimulus bill has worked as intended. Wall Street closed on a mixed note. NASDAQ closed at +0.20% and Dow Jones at -.0.45%. Crude oil fell last week by 10.3%, the steepest decline since January, closing below 60$ a barrel. Gold (XAU) traded on a tight range, closing at 912$ an ounce. Today, Monthly Budget Statement which measures the difference in value between the federal government's income and spending during the given month is expected at -65.50B vs. -189.70B previously.
Euro (EUR) – The Euro weakened versus the Dollar after a report said the Eastern Europe counties might need additional help to recover from the financial crisis. French Industrial Production was released at 2.60% vs. -0.10% forecast and German WPI released at 0.90% vs. 0.10% forecast. Overall, EUR/USD traded with a low of 1.3878 and with a high of 1.4029.. Today, ECB President Trichet Speaks.
EUR/USD - Last: 1.3925
British Pound (GBP) –The Pound weakened versus the Dollar as a result of U.K. producer prices that dropped in June by the most since 2001 as the recession sapped inflation pressures from the economy. The price of goods at factory gates fell an annual 1.2%, compared with a 0.3% decline in May. Overall GBP/USD traded with a low of 1.6153 and with a high of 1.6345. No economic data expected today in the UK.
GBP/USD - Last: 1.6100
Japanese Yen (JPY) - The Yen advanced against the Dollar and rallied the most since May against the Euro on speculation the global recovery will be slow, encouraging demand for the Japanese currency as a refuge. Industrial Production that was released worse than expected at 5.7% weakened the Yen slightly but it rebounded again. All in all USD/JPY traded with a low of 91.76 and with a high of 93.18.
Canadian dollar (CAD ) – The Canadian Dollar declined for a sixth consecutive week, the longest losing streak since December 2007, as crude oil dropped and Trade Balance released at -1.40B vs.-0.50B forecast, adding to the concern that the global economic recovery will be delayed. The currency lost more than 6% versus the U.S. Dollar since the end of May. Overall, USD/CAD traded with a low of 1.1597 and with a high of 1.1675.
USD/CAD - Last: 1.1660