Jul 10


  • BY: Nati
  • July, 10th, 2013 7:45 +00:00

Asian markets pulled back on negative exports from China ahead of the Bank of Japan meeting scheduled for two days duration. The Chinese figures, showing a decline of 3.1% in exports, have worried some and the trade outlook of China has an effect on the global economy. July consumer sentiment in Australia has declined to -0.05% down from +4.7%. The AUD/USD was trading at 0.9190 with a high of 0.9216 and a low of 0.9125 so far.

The NIKKEI closed at 14416.60 down 56.30 points or minus 0.39%

Following the European Commission’s announcement that Latvia will become the 18th country in the Euro Zone early next year, Fitch has upgraded Latvia from BBB to BBB-plus. The ECB outlook, according to Joerg Asmussen, may see interest rates staying at record lows for more than a year. Asmussen when asked as to what ECB President Mario Draghi meant when he mentioned ‘an extended period’ in his press conference said; ‘it is not six months, it's not 12, it goes beyond.’ The EUR/USD was trading at 1.2799 with a high of 1.2803 and a low of 1.2764 so far. CABLE and other Sterling pairs had a volatile day yesterday following the less than expected trade and production figures.

The FTSE100 closed at 6513.08 up 63.01 or 0.98% while the DAX closed at 8057.75 up 89.21 or 1.12%

A new bank regulation in the US sees a new leverage ratio of 6%, double the 3% Basel III international ratio, required to be held as equity capital in order to borrow funds. The rule is intended to protect taxpayers from the possibility of future bailouts. FOMC minutes are released today, followed by a press conference with FED chairman Ben Bernanke. Expect some USD action around this time. The USD/JPY was trading at 100.52 with a high of 101.21 and a low of 100.28 so far.

The DOW closed at 15300.30 up 75.65 or 0.50%

Have a nice day.