FX Highlights

  • The USD extends a one month slide against the YEN, closing below a key technical formation, head and shoulder pattern could extend that move
  • The EUR/US continues to consolidate in a relatively tight range between 1.4175 and 1.4250, traders appear reluctant to become too bullish as global economy remains uncertain at best
  • Sterling grinds higher, tops 1.6500 after yesterday's bottom of 1.6309, a 1.2% jump in retail sales along with better consumer consumption and housing data seems to have put positive twist on the currency
  • The CAD continues its 5 week run higher, supported by firm crude oil and US stocks, USD/CAD may see a test of May 28th low at 1.0782, BOC continues to investigate possible leaks of economic data, security review by Statistics Canada in the works
  • AUD/USD benefits from better stocks and gold as volatility falls, new highs in sight as positive tech pattern supports bulls. Inter-day trade remains a scalping opportunity
  • Pre-open US stock futures point higher, earnings continue to headline
  • OIL prices mixed

Upcoming Events

  • US- Initial jobless claims, expected 555K, existing June home sales expected 4.83M
  • CAN- BOC monetary policy report