FX Highlights

  • The market awaits key US data this morning and continued results of US Treasury auctions, Fed Chief Bernanke continues with Part 3 of The Town Hall meeting
  • USD/JPY sees sharp rally as Asian stocks declined, expected decline in upcoming US durable goods also cited for lower demand for high yielding currencies
  • The EUR was steady against the YEN
  • The GBP faces a critical technical support at 1.6336, a settlement below this level would signal further declines if key moving average is breeched, on the fundamental side, UK mortgage approvals saw a 14 month high as banks gave out 47,584 loans
  • The CAD backed off its 7 day run higher against the dollar, lower stocks and crude prices cut into recent gains
  • AUD/USD fell 0.9% to 0.8199 after Tuesday's 10 month session high of 0.8340, hawkish comments by Australia's central bank governor cited
  • Pre-open US DOW and NASDQ stock futures lower
  • OIL prices dip again in pre futures trade

Upcoming Events

  • US- MBA Mortgage Applications (July) previous +2.8%, durable Goods orders (June) expected -0.7% vs. +1.8%, durable Goods Ex Transportation expected -0.2 vs. +1.1%, FED Beige Book due out, and lastly Bernanke Town Hall Meeting Part 3
  • CAN- No key economic data due out