Risk appetite continues into the Asian session, with the region's stocks higher after oil and metal prices gained and US housing starts came in better than expected.

  • The Japanese yen and the US dollar weakened against higher-yielding currencies as Asian stocks rose for a fifth day on a better economic outlook.
  • S&P's 500 firms that have reported second quarter results since July 8 beat estimates by 16%.  If the better earnings trend continues this week, the market could see further weakness in the safe-haven currencies.
  • CIT may announce an agreement for $3 billion in financing from bondholders as soon as today, in a move to avoid bankruptcy.  If agreement falls through, this would give the 101-year-old commercial finance company a chance to restructure its debt outside of bankruptcy.
  • US stocks closed out their best week in four month on Friday with IBM's strong results in the second quarter easing disappointing results from GM.

Currency to watch out for: EURUSD & GBPUSD

  • The EURUSD pivot point is at 1.4090 with a preference to enter into long positions at 1.4100
  • The GBPUSD pivot point is at 1.6340 with a preference to enter into long positions at 1.6350

Today's calendar and market movers:

  • Canada Wholesale Sales month on month expected to drop to -2.0%
  • US CB Leading Index month on month expected to come at 0.5% for June
  • US FOMC Member Lockhart is due to speak about the US economic outlook at the Rotary Club, in Nashville.


  • Wall Street finished mixed on Friday with the Dow up 0.4%, S&P down 0.04% and the NASDAQ up 0.1%
  • As of 06:00 GMT the Nikkei is at 0.55% and the Hang Seng at 2.4%