Top Forex Reviews

The big focus tomorrow is on ECB President Trichet’s press conference. The European Central Bank is not expected to raise interest rates, but Trichet IS expected to pave the for a rate hike in July. Over the past few years, the words “Strong Vigilance” have been synonymous with “interest rates will be increased next month.” Regardless of whether this has been priced in or not, it seems that euro traders almost always respond positively to the words strong vigilance.

The following charts show how the EUR/USD reacted in the days that followed central bank meetings where the words “strong vigilance were used.” Since Trichet took the role of European Central Bank President, he has used these two magic words 17 times.

On th

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Our European Value Equity Portfolio outperformed its benchmark in its first month despite being weighed down by falling fish prices hurting one of our positions.

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The market has made its move and has priced in a positive resolution for today’s crucial Greek vote on austerity due at 12:00 GMT. Risky assets and the euro have been subsequently bought back into and EUR/USD has pushed back up from 1.41 to 1.44 on the prospect of a yes vote. The market is clearly in a situation of buying the rumour and a sell of the fact could be on the cards – the yes vote is not a foregone conclusion as the socialist ruling party only have a tiny majority of six in 300 seat parliament. It

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***Economic Data***
– (PE) Peru Jun Consumer Price Index M/M: 0.1% v 0.2%e; Y/Y: 3.0%e v 3.1% prior; Wholesale Prices M/M: 0.3% v 0.3% prior
– (RU) Russia Jun Reserve Fund: $26.6B v $26.6B prior; Wellbeing Fund: 92.6B v $92.5B prior
– (BE) Belgium May Unemployment Rate: 7.3% v 7.2% prior
– (CZ) Czech Jun Budget Balance (CZK): -62.9 v -81.5B prior
– (BR) Brazil May Industrial Production M/M: 1.3% v 1.2%e; Y/Y: 2.7% v 2.6%e
– (BR) Brazil Jun PMI Manufacturing: 49.0 v 50.8 prior
– (US) Jun Final University of Michigan Confidence: 71.5 v 72.0e
– (US) Jun ISM Manufacturing: 55.3 v 52.0e; ISM Prices Paid: 68.0 v 70.9e
– (US) May Construction Spending M/M: -0.6% v 0.1%e
– (MX) Mexico May Remittances: $2,2B v $2.2Be
– (BR) Brazil Jun Trade Balance: $4.4B v $4.0Be

– The better-than-expected headline June ISM Manufacturing data is driving the fifth consecutive session of gains in US markets. Full post…

AUDUSD Analysis. AUDUSD had formed a cycle bottom at 1.0390 on 4-hour chart. Further rise towards the upper border of the price channel is expected later today. As long as the channel resistance holds, the bounce from 1.0390 is treated as consolidation of downtrend from 1.0773, and one more fall towards 1.0250 is still possible. Only a clear break above the channel could indicate that the fall from 1.0773 had completed at 1.0390 already, then another rise towards 1.1011 previous high could be seen.

USDCHF Analysis. USDCHF stays below a downtrend line on 4-hour chart, and remains in downtrend from 0.8550.

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“Australia is about to enter a boom that should last decades…The Australian dollar is unlikely to go back to where it was, and manufacturing will shrink in importance to the economy, perhaps even faster than it has been.” This, according to Martin Parkinson, Treasury Minister of Australia. While 30 years from now, Mr. Parkinson’s prognosis might probe to be accurate, I’m not so sure it applies to the period 3 months from now. Here’s why:

First of all, the putative economic boom that is taking place in Australia is being driven entirely by high commodity prices and surging production and exports. Since peaki

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* Euro hits threeweek high vs USD after stops triggered

* Commodity currencies biggest gainers as risk aversion eases

* Market focus to turn to global economic data

SYDNEY/SINGAPORE, June 30 The euro rose to a threeweek peak against the dollar on Thursday, swept higher by a wave of stoploss buying and extending a rally after Greece moved a step closer to securing international aid.

The move came after Greek lawmakers voted by a clear margin for a fiveyear austerity plan. The solid margin suggested the government should be able to push through a second package of laws on Thursday, implementing specific budget measures and asset sales.

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***Economic Data***

– (KS) SOUTH KOREA MAY CURRENT ACCOUNT BALANCE: $2.3B V $1.9B PRIOR (7-month high; 15th consecutive surplus); GOODS BALANCE: $1.7 V $3.9B PRIOR
– (JP) JAPAN MAY RETAIL TRADE M/M: 2.4% V 1.2%E; Y/Y: -1.3% V -2.2%E (3-month high); LARGE RETAILERS’ SALES Y/Y: -2.4% V -1.9%E
– (PH) PHILIPPINES APR TRADE BALANCE: -$1.2B V -$1.2B PRIOR
– (JP) Japan Jun Small Business Confidence: 43.1 v 37.8 prior
– (TH) THAILAND MAY TOTAL CAPACITY UTILIZATION: 58.7% V 54.4% PRIOR; MANUFACTURING INDEX Y/Y: -3.9% V -4.9%E

***Markets Snapshot (as of 04:30GMT)***
– Nikkei225 +1.2%
– S&P/ASX +0.2%
– Kospi +0.5%
– Taiex -0.2%
– Shanghai Composite -0.6%
– Hang Seng -0.1%
– Straits Times Index -0.1%
– S&P Futures +0.1% at 1,277
– Spot Gold +0.2% at $1,498/oz
– Aug Crude +0.2% at $90.84
– Sept Copper +0.2% at $4.08

***Overview/Top Headlines***
– Markets are mixed in the second half of the day, for the majority of the session all the markets, except Shanghai, were in positive territory. Full post…

EUR/USD Open 1.4474 High 1.4519 Low 1.4327 Close 1.4433 On Wednesday the Euro/Dollar continued increasing cheered by the Greek vote, with 155 pips. The European currency appreciated from 1.4327 to 1.4485 yesterday, matching the positive Interbank sentiment projection at over +1%, closing the day at 1.4433. This morning the European currency extended its gains further, climbing up to 1.4519. On the 1 hour chart quotes are testing the upper limit of the trading range, while on the 3 hour chart trading remains within wide range. Break above the nearest resistance and today’s top at 1.4519 may trigger further strengthening of the Euro. Full post…

With less than 24 hours to go before members of the Greek Parliament vote on the Austerity Package, sealing the fate of Greece in the process, the euro is holding steady against the U.S. dollar. The next 48 hours could determine the overall sentiment in the global financial markets for weeks and possibly even months to come which makes it extremely important to know the approximate timing for the votes.

The first and most important vote will be on the details of the Austerity Package. This is the one that will elicit the most significant reaction from investors.

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