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Posted by fxrecommends@gmail.com on July 26, 2007, 2:17 pm
Carry trade unwinding containing the current market sentiment. The
belief that the recent high yield currency run was excessive could
support the Japanese currency versus the single currency and the
pound.
We wait at the beginning of Asian trading the release of Japan CPI of
June which can shown the current stance of inflation pressure.
At any case the greenback is still depressed by the housing market
slow down and the expectations of that the worse has not come yet and
there can be a prolonged negative impact on the US economy and the
crediting stability in US.
The decline of the stock market in US and the mistrust wave has
encourage the both side story supporting the Japanese currency
dragging the USD under 120 and in the same time the pound was
depressed on the impact of hiking materializing on the housing prices
today as the housing prices has increased yearly by just 9.9% lower
that 11.1% of last month and the market expectation of 10.6%
We wait tomorrow for the release of US GDP of second quarter and our
eye is on the price deflator of it in the same time we expect just
3.5%
Best wishes
FX Consultant
Walid Salah El Din
Mob: +20 12 465 9143
E-Mail: mail@fx-recommends.com
http://www.fx-recommends.com
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