Hi there james here
Well good week with the ib system so happened today
Markets are generally quiet as the week is close to end. Dollar remains bounded in tight range against most major currencies. The Japanese yen dips mildly even though US stock market is set to have a lower open. The Canadian dollar is lifted mildly after data showed wholesale sales jumped 1.6% mom in May, beating expectation of 0.5%. Canadian leading indicator, on the other hand, was flat in Jun, below expectation of 0.1% rise. Other data released today German PPI climbed to 26 year high of 6.7% yoy in Jun. Eurozone trade balance showed wider than expected deficit of -4.6b in Jun.
Sterling continues to trade with an undertone on speculation that UK Chancellor Darling will introduce a new set of spending guidelines that would allow for breaking of limits of public-sector debt but reaction is so far limited. ECB Trichet reiterated that the bank is committed to maintaining medium term price stability and getting inflation back to "below 2 percent, close to 2 percent" and emphasize the importance of avoiding "second-round effects". Trichet also said that economic growth in the Eurozone will stall in Q2 and Q3 before returning to "moderate" growth.
Regards
James
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