Forex Investment and Currency Trading

U.S. Economic Data and Events
                                         
Time    Release                                
8:30    Empire State Survey                          
8:30    PPI / ex F&E (m/m) – June                      
8:30    PPI / ex F&E (y/y) – June                     
8:30    Retail Sales / ex autos – June                
10:00   Business Inventories – May                    
10:00   Fed Chairman Bernanke delivers Monetary Policy Report to the Senate Banking Committee
15:30   Fed’s Yellen to speak at a conference on stabilizing communities       
The PPI for June is expected to continue to be pressured higher by both higher energy and food prices. However, wholesale gasoline price increases, though still rising at a rapid pace, seem to have slowed relative to the double digit increase recorded in May. Thus [...]

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EURUSD: Continues to stretch higher through Short Term resistance levels. Last week’s strong close has meant that the market posted a bullish outside week as a continuation. While correcting back this morning, the near term support level at 1.5844 has effectively held. It is continued to believe that the uptrend is still in place and the next resistance level at 1.6020 (22 April high) will soon be tested and breached. Beyond 1.6020, should focus on the 1.6350-1.65 area.

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USD outperformed all the G10 currencies overnight during a relatively quiet session which saw DXY rallying up to just shy of yesterday’s 73.724 high. FX markets were generally range bound with the weakest performer, GBP, losing just 0.45% against USD. The US calendar is light on data today, with only MBA mortgage applications scheduled for release. Fed speak is due from Yellen who will make the welcoming remarks at an Asian financial crisis conference, while the Treasury’s Paulson is due to make the closing comments concluding the two-day U.S.-China Strategic Economic Dialogue.
EUR/USD fell 0.30% to 1.5464 overnight on the back [...]

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