02.07.2013

Australian benchmark rate remained unchanged at 2.75% The Reserve Bank of Australia indicated there could be room to lower the rate in order to increase competitiveness against other currencies, and to support exports. Chinese markets suffered as manufacturing figures are falling due to a decrease in global demand. Japan’s Nikkei was up as the JPY weakened; USD/JPY was trading at 99.80 with a high of 99.86 and a low of 99.50 so far.

The NIKKEI closed at 14098.70 up 246.24 or 1.78%

European unemployment figures are now at record levels of just over 12% meaning 19 million out of work. UK PMI figures are released today while France and Germany release PMI figures tomorrow. Portuguese Finance Minister Vitor Gaspar resigned due to lack of public support for his austerity policies. Maria Luis de Albuquerque will take over the role. Swedish Riksbank is expected to leave their interest rate unchanged tomorrow. EUR/USD was trading at 1.3075 with a high of 1.3077 and a low of 1.3049 so far while the USD/SEK (Swedish Krona) was trading at 6.6595 with a high of 6.6833 and a low of 6.6544 so far.

The FTSE100 closed at 6307.78 up 92.31 points or 1.49%

American President Barack Obama has called on his Egyptian counterpart, President Mohamed Mursi to respond to the protests happening in Cairo and other cities in Egypt which have left many dead, and has led to the Egyptian Army issuing a 48 hour time limit to reach a solution. Obama is on an African tour at the moment. CABLE was trading at 1.5236 with a high of 1.5237 and a low of 1.5193 so far, while the USD/CHF pair was trading at 0.9453 with a high of 0.9465 and a low of 0.9445.

The DOW closed at 14975.00 up 65.36 or 0.44%

Have a nice day.