Forex Overview

[عماد]

*For the 2nd Friday in a row the dollar was sold off, reversing out week long momentum that it had built up, as the Trade deficit grew by almost 20%, led by a drop in exports and another rise in imports. Compounding those worries was Japan's Q2 GDP which was actually negative in nominal terms and +0.4% in real terms
*The recent ranges may be put to the test, 1.21 - 1.2450 in Euro/$, 1.81 - 1.85 in Cable, 1.30 - 1.34 in $/CAD & 110 - 112 in $/JPY, but as said previously, any reason for a more hawkish FOMC looks to immediately boost the 'buck
*Tues: US data: CPI, Cap Util, Industrial Production & Housing starts
*Wed: BOE Aug minutes & UK retail sales