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GBP/USD Elliott Wave daily analysis - July 09

The chart shows my working count for the fall started from 2.0004. I think that it developed as a double corrective combination which ends with a triangle. This triangle could be already over and in such a case we should see an acceleration of the rise. A confirmation for this scenario will be above 1.9794. However one should keep in mind... (Today 9:21 AM EST)

Manuel Oliveri, economist at UBS

Thomson Financial News - "Overnight news of Iran testing nine long- and medium-range surface-to-surface missiles supported crude oil prices, which rebounded back above $138 a barrel, capping the greenback to the upside." (Today 8:17 AM EST)

Juergen Michels, economist at Citigroup

The Guardian - "We expect a fall in GDP by 0.2 percent, quarter-quarter, the first fall on a quarter-quarter basis since the first quarter of 1996. That is because of financial market turbulence but also reflects that the strong euro has some impact on activity in the euro area, plus the impact from higher energy costs on domestic demand.... (Today 8:11 AM EST)

Andreas Rees, analyst at HVB Group

IHT - "After the bump in spring, we expect the German economy to grow moderately in the second half of this year. But the latest data indicate once again that we all really shall get used to less growth and less new jobs in the next 12 to 18 months." (Today 8:10 AM EST)

• Takeshi Minami, senior economist at Norinchukin Research Institute
• Thomson Financial News - "Japanese manufacturers which put a higher premium to staying competitive from a long-term viewpoint, apparently are looking past the short-term threat to their profits. But whether capital investments can continue rising will depend largely on corporate profits." Takeshi Minami

• Kazuya Ito, fund manager at Daiwa SB Investments
• Thomson Financial News - "The rise in stocks and better-than-expected machinery orders led investors to take profit. But the impact from the economic data was short-lived, and share prices' upside turned heavy, encouraging some investors to buy back bonds." Kazuya Ito

• Li Keqiang, China vice Premier
• Thomson Financial News - "China is confident its economic fundamentals are sound and that steady and rapid growth will continue." Li Keqiang

• Bill Evans, global head of economics at Westpac Banking Group
• Dow Jones - "With current economic conditions not nearly as dire as in that period, this year's slide in the index should be nearing an end. Nonetheless, these consistently weak reads are pointing to a period of very weak consumer spending and associated economic activity." Bill Evans

• Fionnuala Earley, economist at Nationwide's group
• Dow Jones - "With reports of rising inflation rates, weaker economic growth and further falls in house prices, it isn't surprising that people are feeling much less optimistic about the future." Fionnuala Earley

• Lane Newman, director of currency trading at ING Financial Markets
• Dow Jones - "There seems to be a very good offer around this C$1.0230 level, because that was the high we've seen several days in a row." Lane Newman

• US stocks look to open higher after Alcoa earns Today 8:43 AM EST

• The Daily Resource 07/09/2008 Today 8:06 AM EST

• Gold Investments Market Update - Gold to Rise to £1,800 (GBP) Per Ounce Today 7:55 AM EST

• Dow ends up 152 on decline in oil, Bernanke talk Jul 08, 2008 6:15PM

• PRECIOUS METALS: Gold Tumbles as Oil Falls Jul 08, 2008 6:07PM

• Crude Over a Barrel Jul 08, 2008 5:51PM

• Crude plunges $5 on Economic Worries, Dollar Rises Jul 08, 2008 4:05PM

• Agriculture futures trade mostly lower on CBOT Jul 08, 2008 4:01PM

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