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July 23, 2013

July 23, 2013. MARKET HIGHLIGHTS. The US dollar is mixed against it’s G7 counterparts this morning thanks in part to some headlines out of China and a much stronger than expected Canadian Retail sales data for the month of May.

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July 23, 2013

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  1. July 23, 2013 MARKET HIGHLIGHTS • The US dollar is mixed against it’s G7 counterparts this morning thanks in part to some headlines out of China and a much stronger than expected Canadian Retail sales data for the month of May. • Chinese Premier Li Keqiang commented overnight that 7% is effectively the ‘bottom line’ for GDP growth. The comments would be considered very bold if not for the circumspect nature of some of the economy data out of China. However, when China promises 7% they normally deliver. • Canadian Retail Sales data for May was much better than expected; however, the gains were on the back of prices and not increases in volume. The MoM printed at 1.9% against market expectations of 0.4% while the Less Autos component turned in a robust 1.2%. Market Headlines • TURKEY'S CENTRAL BANK LEAVES BENCHMARK REPO RATE AT 4.50% • TURKEY'S CENTRAL BANK RAISES OVERNIGHT LENDING RATE TO 7.25%

  2. CONTACT US 1-877-888-0177 • The pace of EUR/USD rally has slowed over the last 5-7 trading sessions with the pair failing to make a higher high today so far. The 1.3200 level has provided modest topside resistance while support at 1.3100 should limit sizable retracements in the short term. RSI at 57.7 and MACD offer some indications that the rally could extend to the 1.3300 level.

  3. CONTACT US foreignexchange@firstrepublic.com

  4. 1-877-888-0177 or foreignexchange@firstrepublic.com

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