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Opening Comment 07.07

Opening Comment 07.07

2010-07-07 05:10:00
Jonathan Granby;DailyFX Research Team,
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So far price action is more consolidative then returning to risk averse trends as the euro and other riskier assets consolidate their gains against the beleaguered Usd
 
Doom and gloom concerns are still a prevalent theme after the US ISM service report was the latest addition to a string of slowing recovery data going in to H2 of 2010.
 
Elsewhere, the next act in the verbal yen intervention is playing out as Japan’s automaker group ups the pressure on the government to act on the yen’s ongoing strength, by saying it is concerned about the currency.
 
In New Zealand, Fonterra’s latest online dairy price auction was rather weak, with milk powder prices falling for the third consecutive month from 21-month highs. Prices are coming off rapidly as global demand prospects look bleak, having doubled after hitting their lows last November. 
 
On the data front, Japan’s foreign reserves remained above the $1tln mark for the 20-month in a row and showed mild growth. Australia’s construction sector activity contracted in June for the first time in 4-months and by its fastest pace in 10-months. In the UK, the shop price index declined in June according to a report from the British Retail Consortium.
 
Looking ahead, French trade balance (-3.9B expected) comes at 06:45GMT followed by EZ GDP (0.6% expected) and household consumption (-0.1% expected) at 09:00GMT with German factory orders (0.3% expected) at 10:00GMT. Finally, US MBA mortgage applications are due at 11:00GMT capping data for the session. US equity futures are pointing lower and commodities are trading flat. 
 
 
Joel is out of the office and will be returning on the 8th of July
 
Written by Jonathan Granby, DailyFX Research Team
 

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