TODAY FOREX IN REVIEW

TODAY FOREX IN REVIEW

News of the highest Greek unemployment on record was not enough to put a serious dent in sentiment as the gap between Europe's "haves" and "have nots" continued to widen. Equity indices closed mixed with the Dutch AEX leading gainers, closing 0.79% followed by a 0.73% rise in the Swiss SMI. The Spanish IBEX declined -0.56% while the Italian MIB fell marginally, losing -0.08%. Bond yields fell along with the Euro which has seen EURUSD fall below the 1.23 handle to 1.2296. Eurozone GDP is expected to have contracted in the second quarter and recording no gain or loss in the first. GBPUSD has also fallen slightly, sliding 0.12% to 1.5619. The dollar has made a slight comeback with DXY rising to 82.672 on souring European fundamentals

Asian economic data has broadly disappointed investors as the global slowdown has gradually eaten away at both emerging and developed market growth. The Chinese CPI fell from 2.20% to 1.80% YoY while both industrial production and retail sales figures recorded declines. Indian industrial production and manufacturing output also recorded declines following one of the country's worst power grid failures on record. Japan is also seeing forecasts for its growth rate cut as a strong yen hampers exports and prevents a full-scale recovery. The Bank of Japan also made no mention of further easing policy but left the door open for interventions in the currency market. The Nikkei is leading Asian indices to the downside, falling -0.61% followed by a -0.39% drop in the Hang Seng and -0.35% weakening in the Australian ASX.

While European economic data continues to disappoint investors, the American economy has surprised to the upside once more with a continued fall in initial jobless claims and a narrower trade deficit on declining energy prices. Agricultural commodities have continued their ascent which will certainly place pressure on the next CPI data after a 6.20% climb in food prices last month. Corn prices rose to a new record ahead of the USDA report later today, trading presently at $829.750 per bushel. Equities closed mostly higher with modest gains of 0.25% in the Nasdaq and 0.04% in the S&P 500. The Dow Jones Industrial Average closed slightly weaker, falling -0.08%. Natural gas futures have declined in the overnight session -0.58% to $2.928/MMBtu as crude oil ticks down to $93.28 per barrel.
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