Daily Update - 26th July 2017
As expected by most markets, Euro had a decent day with the release of better than expected figures on IFO business surveys which indicated that Euro zone economy is healthy. EUR/USD reached levels of 1.171 due to negative figures on US Housing data but there was some support for the dollar later in the day. Later in the day, US 10 Year Treasury Yields rose to 2.34% when Saudi Arabia announced that they will be reducing the oil export while there was news that a Republican senate had enough votes to reopen the healthcare bill which Trump lost last week. The most important day of the week as we would probably see big moves in market with investors focusing on FED Rate decision and monetary policy statement. First up will be GDP figures from UK which is a measure of the total value of all goods and services produced by the UK. This will be followed by Inflation report hearings from UK. Before the FED event it will be US New Homes Sales which is an important measure of housing market conditions in US. Markets have already taken in to affect that FED will not increase the Interest rates as this time inflation figures are not in favor of doing the same. This will be followed by FED’s monetary policy statement where markets will be analyzing every word in the statement to understand where the Fed is heading, in terms of Reducing assets purchases program and acknowledging the decline in inflation.Yesterday’s Market
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