FX Highlights

  • The USD/JPY hits 95.16 in early trade on the heels of an 11 day stock market rally, continued speculation of an easing global recession drains demand for the currencies
  • The EUR/JPY staged to break out of its previous range with 3 week highs at 136.89 being challenged
  • The GBP/USD may find support on improving housing markets, this week's economic calendar will give insight as National Building Society forecasts an increase of 0.2%
  • The CAD remains on a positive note vs. USD, hits 2008 levels as greater risk appetite for commodity based currencies is seen
  • EUR/USD posts a 7 week high, rising 0.6% to 1.4298, its highest level since June
  • AUD/USD opened in Asia at 0.8125 before filling a small technical gap at 0.8150, remains somewhat range bound between 0.8100 - 0.8200 despite bullish outlook from the RBA and support from global equity markets
  • Pre-open US stock futures higher again, S&P futures were mixed early but have firmed
  • OIL and GOLD futures better

Upcoming Events

  • US- New Home Sales/June, expected 342 vs. 350 previous
  • CAN- No key economic data due out