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| | Demo|Live|Free Practice  Daily Newsletter: 17/07/2009
By Loic Bondiguel - ACM Advanced Currency Markets, Geneva, Switzerland | | | | Dollar pares gains ahead of BofA and CITI Q2 results | News and Events: JPMorgan posted better than expected Q2 earnings (28c vs. 5c) although there was some concern in the release that they see losses in cards until end 2010. Also thrown in to make things interesting was surprisingly good Jobless Claims data which dropped last week more than economists forecast, increasing demand for higher- yielding assets. Initial jobless claims dropped to 522k from 565K last month.
US equities advanced 1% as earnings continued to surprise to the upside. Financial equities remained flat however after a major bank tempered its better than expected earnings by cautioning on the outlook for consumer loans.
The day's other major earnings releases, Google ($5.30 vs. $5.08) and IBM ($2.32 vs. $2.01) also beat estimates with the latter revising up it's full year outlook continuing to support the healthy tone shown by the tech sector recently. Risk currencies rallied on overnight but with a noticeable slowing in the pace of their gains.
EUR/USD fell back to 1.4100, AUD/USD dropped back below 0.8000 while GBP/USD dipped to 1.6350. The JPY made gains with USD/JPY falling to 93.50 while EUR/JPY was sold off to 132.00.
CAD also underperformed giving back some of its outsized gains this week which had been driven by the improving risk climate although it remained the best performer for the week to date.  Read Today's Key Issues and The Risk Today
| Resistance and Support: | EURUSD | GBPUSD | USDJPY | USDCHF | | 1.4200 | 1.6580 | 95.50 | 1.0930 | | 1.4160 | 1.6490 | 94.60 | 1.0875 | | 1.4125 | 1.6350 | 94.10 | 1.0810 | | 1.4102 | 1.6304 | 93.72 | 1.0779 | | 1.4100 | 1.6260 | 93.45 | 1.0730 | | 1.4030 | 1.6205 | 93.20 | 1.0670 | | 1.3930 | 1.6145 | 92.20 | 1.0620 | | S: Strong, M: Minor, T: Trendline, K: Keylevel, P: Pivot | | Quick access to our 5 previous newsletters: |
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