FX Highlights

  • USD is trading mixed with GBP supported by report of improvement in UK construction PMI, above forecast June industrial production and higher UK house prices, CAD trades lower as Canada's finance minister warns of possible intervention to slow the CAD's rise, Australia's trade deficit narrows as exports rise, focus turns to today's release of US factory orders, non-manufacturing ISM and the July ADP employment report
  • UK July Nationwide consumer confidence index rises to 60 from 59 in June, UK June services PMI rises to 53.2 from 51.6 last month, June industrial production rises 0.5%, July Halifax house prices rise 1.1%, GBP higher
  • EU June retail sales fall 2.4% compared to a 3% decline in May, EUR higher
  • Australia's June trade deficit narrows to A$441 million, exports rise 2%, imports flat, July new vehicle sales fall 26.8%, AUD lower
  • Canada's Finance Minister Flaherty warns that steps can be taken to slow the CAD's rise, Flaherty's comments increase the risk of intervention from the BOC, CAD lower
  • PBOC officials said that China will maintain accommodative monetary policy and will keep a close eye on the Yuan, JPY flat
  • A number of US economists have upgraded their second half of 2009 GDP forecasts and look for 3% growth
  • US mortgage applications rise in week ending July 31st as rates fall boosting demand for refinancing
  • US equity markets set to open mixed, European equities 0.5% lower, Nikkei closed 122 points lower

Upcoming Events

  • US- Wednesday, June factory orders will be released expected to fall 1% compared to a 1.2% rise last month along with July ISM non-manufacturing index expected to rise to 48 from 47 last month and July ADP employment report expected to improve to -345k compared to -473K last month
  • CAN- No major Canadian economic data is due for release today