Jul 17


  • BY: Nati
  • July, 17th, 2013 7:42 +00:00

Chinese and Asian markets were assured by Chinese Commerce Ministry that domestic consumption will be stronger in the second half of the year. Premier Li Keqiang is not going to change the country’s economic policy going forward as long as a 7.5% growth target is sustainable. Japanese shares rose again before FED chairman Ben Bernanke is due to speak later today. The USD/JPY was trading at 99.38 with a high of 99.54 and a low of 99.09 so far.

The NIKKEI closed at 14615.00 up 15.92 or just 0.11%

UK employment data is released today with expectations of an improvement over previous month’s figures. After Germany’s ZEW poll on economic sentiment falling unexpectedly yesterday could be a result of fears of the Chinese market contraction. Germany yesterday also lost 5th place in global purchasing power to Russia. A slowdown in Europe’s leading economy would have major negative implications for the common currency. The EUR/USD was trading at 1.3129 with a high of 1.3160 and a low of 1.3127.

The FTSE100 closed at 6556.35 down 29.76 or minus 0.45% while the DAX closed at 8201.05 down 33.76 or minus 0.41%

American Federal Reserve Chairman Ben Bernanke will speak today, and the markets will dissect his words in detail in order to get an insight into when the FED bond buying stimulus will be wound down. The USD will be a volatile currency across all pairs while he is speaking, one to watch for those interested. Bank of Canada will make an announcement today on bank rates. USD/CAD was trading at 1.0397 with a high of 1.0407 and a low of 1.0366 so far.

The DOW closed at 15451.80 down 32.41 points or minus 0.21%

Have a nice day.