Â·Dollar under pressure as currency weakness persists
Â·RBA hold rates at 3.00%
Â·Better than expected UK House Price Index
remained stable in the early morning trade after reaching its lowest levels
versus the euro and a basket full of other currencies yesterday. The Eur/Usd
pair traded down to 1.4102 from 1.4180. Market players are remaining bearish
amid a rally in global equity and commodity markets. Investors are expecting
that the market will see a support on the Eur/Usd around the 1.4035 level. If
this happens, we are likely to see investors opening long positions.
the Royal Bank of Australia kept the cash rate unchanged at 3.00%, as we
expected. The statement released by the RBA was slightly with the key phrase
being â€śnonetheless, the prospect of inflation declining over the medium term
suggests that scope remains for some further easing of monetary policy, if
neededâ€ť. However, it is expected that USD behavior and global inflation risks
will have more impact on the AUD than domestic conditions.
Cable is very
strong, rising from the 1.5918 level after the better than expected UK House
Price Index which went from -0.3% in April to 1.2% in May. There was a brief
retreat in the US morning to 1.6053 but the Sterling soon found its grounds and
rose to 1.6200 after US GDP came at -5.7% compared to -6.1% from previous
quarter. This data suggests that the recession was easing off.
This market research report has been prepared by Tamley Global Markets. The
information herein has been obtained from sources believed to be reliable and
although every effort has been taken to ensure that the assumptions on which
the report is based are reasonable, we do not endorse that this is accurate or
complete and it should not be relied upon as such. This report does not intend
to be an offer, or the solicitation of any offer, to buy or sell securities
referred to herein. All opinions and data herein constitute a Tamley Global
Markets judgment as of the data of the report and are subject to change without
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