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Euro Taps One-Week High as Risk Appetite Holds Up in Asian Trade

Euro Taps One-Week High as Risk Appetite Holds Up in Asian Trade

2010-07-27 06:21:00
Research, Research Team
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Key Overnight Developments

  • Euro Inches to One-Week High, Pound Little Changed in Asian Trade
  • Risk Appetite Holds Up on FedEx Outlook, US New Homes Sales Data

Critical Levels

CCY

SUPPORT

RESISTANCE

EURUSD

1.2926

1.3099

GBPUSD

1.5447

1.5531

The Euro inched higher in overnight trade, adding nearly 0.2 percent and reaching a high of 1.3017 to the US Dollar, the strongest in a week. The British Pound was little changed, tracking sideways in a narrow range below the 1.55 figure. We remain flat EURUSD and GBPUSD.

Asia Session Highlights

CCY

GMT

EVENT

ACT

EXP

PREV

JPY

23:50

Corporate Service Price (YoY) (JUN)

-1.0%

-0.9%

-0.8%

AUD

0:00

Conference Board Leading Index (MAY)

0.3%

-

0.1%

Major currencies were little changed in overnight trade as markets capitalized on a light economic calendar to consolidate NY-session price action. Japan’s Corporate Service Price index fell 1 percent in the year to June, pointing to continued deflation, while the Conference Board’s Australian Leading Index rose 0.3 percent in May on growing rural goods exports. The MSCI Asia Pacific regional benchmark equity index added 0.6 percent, following a rally on Wall Street after new home sales rebounded and shipping powerhouse FedEx upgraded their profit outlook for the first quarter and the year, easing concerns about global trade growth and, by extension, the economy recovery.

Euro Session: What to Expect

CCY

GMT

EVENT

EXP

PREV

IMPACT

EUR

6:00

German GfK Consumer Confidence Survey (AUG)

3.5

3.5

Medium

CHF

6:00

UBS Consumption Indicator (JUN)

-

1.737

Medium

EUR

6:00

German Import Price Index (MoM) (JUN)

0.6%

0.6%

Low

EUR

6:00

German Import Price Index (YoY) (JUN)

8.6%

8.5%

Low

EUR

8:00

Euro-Zone M3 s.a. (YoY) (JUN)

-0.1%

-0.2%

Low

EUR

8:00

Euro-Zone M3 s.a. (3M) (JUN)

-0.2%

-0.2%

Low

GBP

10:00

U.K. CBI Reported Sales (JUL)

3

5

Low

The economic calendar looks tame in European hours. A gauge of German Consumer Confidence from GfK – a market researcher – is expected to hold unchanged at 3.5 for the third consecutive month in August. Separately, the Import Price Index is set to add 8.6 percent in the year through June, an outcome likely linked to a weaker Euro after the single currency fell for the third consecutive month over the reporting period. The June edition of Switzerland’s UBS Consumption Indicator is also on tap.Turning to sentiment, US equity index futures are tracking 0.2 percent lower in late Asian trade, but this seems hardly indicative of directional conviction. On balance, this suggests price action may remain lackluster until US consumer confidence and second-quarter earnings reports from Valero, US Steel, Lockheed Martin, du Pont, and Nasdaq cross the wires late into the session.

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