Currency Analyst since 2010

July 17: Asian session

US dollar rose against a majority of its peers with the Fed’s Chairman Ben Bernanke due to testify to Congress today at 14:00 GMT. Bernanke’s prepared remarks for his congressional appearance will be released at 12:30 GMT. In addition, the central bank will release Beige book (18:00 GMT), a report on the current economic conditions. Also watch American housing data due today at 12:30 GMT.  

EUR/USD is correcting a bit down after it rose to $1.3174 yesterday. In Europe Germany will sell 10-year debt today. GBP/USD opened around $1.5160, but then moved closer to $1.5100. UK will release unemployment data today at 08:30 GMT and the results of the MPC’s vote on the benchmark rate and asset purchase facility.

USD/JPY strengthened to 99.55. The Bank of Japan’s June meeting minutes showed the members see the Japan’s economy to return to moderate recovery path. USD/CHF recovered from the yesterday’s low of 0.9380 to 0.9415.

USD/CAD rose from 1.0363 to 1.0390. The Bank of Canada is meeting today and is expected to keep the benchmark interest rate unchanged at 1%. The BOC will conduct press conference at 15:15 GMT.  

AUD/USD slipped from the yesterday’s high of $0.9260 to $0.9230. NZD/USD declined to $0.7875. The currencies are drifting a bit lower on ahead of the today’s Bernanke testimony. Data showed China FDI for June rose by 20.1% y/y (vs. +0.7% expected and +0.3% in May).

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