- Diamond faces grilling in Parliament today (fireworks).
- Merkel/Monti meet in Rome today to discuss EU summit and German/Italy economic cooperation ( more fireworks).
- U.K Shop price inflation falls to 1.1% yr/yr in June from 1.5% in May . lowest in two and a half years. Non-food price fall by 0.3% .
- China HSBC services PMI at 52.3 in June(10 mth low) vs. 54.7 in May .
- PBOC sets Yuan at 6.3121 vs 6.3178 yesterday .
- Australia new vehicle sales up 17.1% in June .
- Australia adjusted May retail sales +0.5% (+0.2 forecast) .
- Australia June Service Index Rises 5.3 pts. to 48.8.
Entering the U.S holiday market ,we had another quiet session . Eur started at 1.2605 and slowly drifted lower most of the session to around 1.2580. Usd/Jpy started at the 79.80 level and made its way lower as tired longs finally sold making for lows around the 79.55/60 level . Big highlight was Aud making session highs of 1.0318 after the better than expected jump in retail sales . A few stops above the 1.0300 ran into resistance around the 1.0310/15 level . We are back to the NY closing level of 1.0280.
In eur we have resistance above 1.2640 then again at 1.2670/support comes in at 1.2570 then again at 1.2530.
Usd/Jpy resistance 80.00 stop above (tired of this one ) then again 80.25/ support 79.49 then again around 79.20.
Aud ran into resistance at 1.0315 should be more at the 1.0340 level/ support first at 1.0240 then again at 1.0205/10.
That’s it for now. Good Luck today
