Weekly Outlook – 24th July 2012

July 24, 2012

General Commentary

Eurozone Debt Crisis Reaching Danger Zones Again

Last week’s currency trading review

The EUR/USD is back in focus this week as weekend reports that Greece has probably not implemented the reforms needed to receive the next tranche of bailout money scared investors. The troika begin their inspection on Tuesday. The is only part of the issue though as Spanish bonds are now well above 7% and rising each day as local Spanish governments are lining up to receive bailouts from the larger central Spanish bank. EUR/JPY is below Y95 and we are hearing rumblings from BOJ/MOF that further selling may spark intervention.

Currency Movement last week

EUR/USD was down -0.71% closing at 1.2159, after opening the week at 1.2245.

USD/JPY was down -0.90% closing at 78.48, after opening at 79.19.

GBP/USD was up +0.30% closing at 1.5623 after opening at 1.5576.

AUD/USD was up +1.46% closing at 1.0378 after opening at 1.0226.

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