07.08.14

Good morning,

Australian Unemployment data surprised many this session with a reading of 6.4% when it was widely expected to remain unchanged at 6.0% on publication of the figures the AUD took a hit falling to the current level of 0.9261 against the USD, 80 pips below the price prior to the announcement of the increased unemployment rate. The Reserve Bank of Australia Policy Statement will be closely watched to see if there is any change going forward as a reaction to the surprise increase in the unemployment rate.

The NIKKEI was trading at 15232.37 up 72.58 points, an increase of 0.48%

European figures today include the German Industrial Production data, French Trade Balance among other minor pieces of information before the important Bank of England Interest Rate decision, followed by the European Central Bank Interest Rate decision. Both rates are expected to remain unchanged, although any deviation from the forecast could have significant trading volume especially in the EURGBP pairing, which is currently trading at 0.7939.

The FTSE100 was trading at 6627.22 while the DAX was trading at 9078.48 both down from yesterday’s close.

American Jobless Claims figures are due out this session, with Canadian Ivey Purchasing Managers Index data due two hours afterward. USDCAD was trading at 1.0933 at time of writing. USOIL is trading at $96.70 per barrel following the EIA Oil Stocks yesterday, with EIA Gas Storage data due this session. GOLD is trading at $1304 per ounce at time of writing. Looking ahead to tomorrow the Canadian Unemployment Rate is expected to remain at 7.1%

The DOW closed at 16443.34 up just 13.87 points or 0.08%

Hope you all have a nice day.