The Australian retail sales release has doubled expectations, sending the AUD/USD to new session highs at 1.0320. The price appears to have enough momentum behind to attempt a test of the 61.8% fib retracting from the 2012 fall at 1.0360.
There is still uncertainty across the Eurozone as Italy and Spain are facing high borrowing costs and there is still risks on Greece. These factors may stimulate the growth of the Pound. Most of the currency strategists forecast that the trading rate can reach 80 GBP pence per EUR, however the highest possible value is considered 75 GBP pence per EUR.
Yesterday, the Chief Executive of Barclays Bob Diamond has succumbed to political pressure and resigned. This follows the resignation of Chairman Marcus Agius, who will take over in the interim period whilst a new head is found. Chancellor George Osborne was said to have welcomed the decision and said he hoped it was the “first step towards a new culture of responsibility in British banking”. The change comes less than a week after the bank was fined a record amount for trying to manipulate inter-bank lending rates.
As we write the EUR/USD is currently at 1.2590, off session lows at 1.2581, falling from the very start of the Asia-Pacific trade around the 1.2605, resuming the slide from yesterday’s highs at 1.2626 by early NY. It is currently slightly lower since starting following a mild sell off when Tokyo opened, the pair is about flat from yesterday’s Asia-Pacific open, and down -0.59% for the week so far.
China’s services industry activity in June cooled to levels bordering on stagnation, as a manufacturing slowdown helped put the brakes on the wider economy. This was according to a business study. European stocks rose on Tuesday after a report showed U.S. factory orders climbed in May.
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