Currency Markets - Spanish Property 20 July 2006
Summary of Overnight News:
• The FTSE-100 will open sharply higher this morning subsequent last night’s powerful gains in New York, as dovish comments by Fed chairman Ben Bernanke and sliding oil rates allowed investors to place the crisis within the Middle East to one side and set a bit of blue on our screens to match the skies outside.
• US stocks surged increased on Wall Street last night after Federal Reserve Chairman Ben Bernanke reassured the marketplace with his view that economic growth seems being moderating and inflation remains contained, traders noted.
• ‘Clearly we don’t desire to tighten too much to cause our economic system to grow more slowly than its prospective,’ Bernanke mentioned in the course of questioning prior to the Senate Banking Committee.
• Investors interpreted Bernanke’s testimony like a sign the Fed is close to ending its streak of interest rate hikes, dealers additional.
• The DJIA closed 212.19 points increased at 11,011.42, its greatest performance of 2006, although the Nasdaq ended up 37.49 factors at 2,080.71.
USA
Figures out Nowadays:
13:30 US jobless claims (w/e 15/7) k Prev 332
13:30 CA wholesale sales (May possibly) %m/m Prev 0.one
15:00 US leading indicators (Jun) % Prev -0.6
17:00 US Philadelphia Fed (Jul) Prev 13.1
19:00 US Minutes of 29 Jun FOMC Meeting
• Yesterday’s 0.3% rise within the US June core CPI tipped the balance to another 25bp rate hike on 8 August. But a less hawkish than anticipated and fairly noncommittal testimony from Chairman Bernanke additional a fraction more ambiguity to the chance of an imminent rate hike, with the focus seemingly more for the longer expression impact on inflation from moderating growth. His testimony, which gave strong boost to US and European share prices and Treasury bonds, came since the Fed released forecasts suggesting that it can be prepared to bring US inflation down gradually, to minimise the damage for the real economic system.
UK
Figures out Today:
09:30 Retail product sales (Jun) %m/m Exp 0.two Prev 0.5
09:30 Retail product sales (Jun) %y/y Exp a couple of.7 Prev 4.0
09:30 PSNB (Jun) £m Exp 7000 Prev 6583
09:30 PSNCR (Jun) £m Exp 13000 Prev 16246
• UK retail product sales (09:30) are forecast to possess edged up in the course of June, by close to 0.2%. Overall, the quarterly overall performance of the retail sector should have improved considerably in Q2 which ought to underpin tomorrow’s release for GDP, expected to have grown 0.7% in Q2, inline with the MPC’s central projection.
Japan
Figures out Nowadays:
06:00 JN BoJ Monetary Policy Minutes
EURUSD @ 1.2590 GBPUSD @ 1.8435 GBPEUR @ one.4640 USDJPY @ 116.85
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