After a good run of better than expected eurozone data and a shift in risk trends in the financial markets the EUR/USD traded at an 11 week high overnight to touch $1.3004 - a key target point for speculators. It is clear that investors are turning their attention away from Euro-zone soveriegn debt risks and more towards the corncerns that surround the US economic recovery and key fundamental and technical developments accross the markets.
With market sentiment hit by yesterday’s disappointing US consumer confidence report and with this evening’s …

Oil prices are hovering just below $80 per barrel, at around $79 for September crude delivery in Tuesday’s (July 27) early New York Mercantile Exchange trade. Still moving in sync with equities in the big picture, the price of oil is limited by continued reports of sluggish crude demand levels in the US.

The Pound has seen good price movement against the lower-yielding currencies like the Dollar and the Yen today, as the FTSE 350 Banks Index gained and the UK currency also withstood a cut in the UK economic growth forecast from the Ernst & Young LLP Item Club. There have been some suggestions that the surprising acceleration in UK gross domestic product in the second quarter will mark the peak of the economic recovery. On Friday, the preliminary estimate of GDP in the three months to June rose 1.1%, almost double …

As it turned out Friday’s release of the results of the EU bank stress testing exercise proved not to be the event that would push the dollar/euro rate out of its recent range, with a move through the $1.30(resistance) level still eluding the single currency. While the results have brought some stability to the market, thus providing a bit of a lift for the euro, many are skeptical of how stringent the tests actually were, given that only a handful out of the total 91 banks failed.
Dominating the end …

The price of gold remains flat below $1,200 and not much above its 60-day low of $1,180 in mid-morning New York trade. The current gold price spot rate in New York is $1,190.70 per ounce after a closing price of $1,194.50 on July 22nd.

On Monday, Federal Reserve Chairman Ben Bernanke, delivered the Monetary Policy Report to Congress. The highlight of the report was the Chariman’s characterization of the economic outlook as “unusually uncertain.” While Bernanke still anticipates growth in the economy, the rate of growth is now expected to be slower than previously thought.
The Fed is forecasting GDP growth of 3 to 3.5 percent in 2010, and 3.5 to 4.5 percent in 2011 and 2012. The unemployment rate is expected to decline to between 7 and 7.5 percent by the end of …