At the time of writing FX-global currency exchange has seen that the U.S. dollar has continued to trade negatively against the yen this morning during European trading after the dismal release of data in the economy of Japan. Machine Tool Orders (YoY) have fallen −15.5% in June, from −3.0% in the previous month.
The EUR is circling the 1.2300 mark despite French industrial production has contracted more than expected to 1.9% MoM in May and 3.5% over the last twelve months.
Recovery of EUR/USD yesterday did not live up to expectations, as it seized to exist far from 1.2386/97, but was still present. As we write the EUR/USD is down 0.14% at 1.2294 with the immediate support at 1.2230 followed by 1.2190 then 1.2151 and 1.2132.
As we write this morning the EUR/USD is currently at 1.2253, falling from session highs at 1.2266, and about flat for the session, with lows at 1.2247.
UK data out has seen May Industrial Production data rise sharply to +1% month on month- this is the strongest rise since March 2010. We have seen a spike in GBP/USD by 40 pips on the news and it is good to see some progress in this area and some good news for the UK economy.
Overnight the GBP/JPY continues to test support at the 123.00 psychological figures, having done so for the past two weeks. Recently, the pairing has fallen to as low as 122.95 in Asia, but encountered bids as bulls remain poised to defend the handle. Tomorrow will see the Bank of Japan (BoJ) announce its July interest rate decision?
It seems that European governments will jump-start as much as 100 billion euros ($123 billion) in emergency loans to shore up Spain’s banks and may move the costs off the Spanish government’s balance sheet to shield the euro region’s fourth- largest economy from the debt crisis.
The release of the unemployment numbers in Australia which is one of the most awaited events on the calendar is due and these figures are significant, and can give a trader insight into the strength of the Australian economy. As well, policy makers at the Reserve Bank of Australia (RBA) will be using this information to make future policy decisions.
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