Futures traders piling further bullish bets on the buck US equities closed in the negative Friday, ahead of a busy US economic docket this week. This week the Federal Open Market Committee meets and we have US GDP and US employment figures. Meanwhile the geo-political tensions in Russia-Ukraine and in the Middle East continue. This morning Asia was mostly positive, with the Chinese Shanghai making over 2% gains after data that showed that Chinese industrial profits were much stronger than anticipated. This morning it’s relatively quiet on the data front and economic releases resume in the afternoon. In the currency markets the EURUSD shows some signs of consolidation after hitting fresh lows at 1.3421 last Friday. The US dollar continues to build on its support ahead of high impact data between Wednesday and Friday this week, data that is expected to show improvements in GDP and employment. In the meantime the single currency is pressured as the EU gets closer to imposing further economic sanctions to Russia. The bullish bets on the dollar versus the euro are at the highest since November 2012, according to the futures contracts. The New Zealand Dollar continues to lose support as it starts its third consecutive day in losses against the USD after Wheeler’s comments last week. Good Day and happy trading!
Posted on: Mon, 28 Jul 2014 11:33:42 +0000
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