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Market Review - 13/07/2010 21:54 GMT

Euro rallies to a fresh two-month high on solid Greek bond auction and strong U.S. corporate earnings

Although the single currency rose briefly to 1.2615 in Asian opening on improved risk appetites as Alcoa, U.S. largest aluminum producer, posted a higher-than-expected second quarter profit, the pair nose-dived to an intra-day low of 1.2522 after Moody's downgraded Portugal by 2-notches to A1 from AA2. Moody said Portugal's growth is likely to remain weak unless structural reforms bear fruit in medium to long term. Later, buying interest at said 1.2522 low lifted the pair up and the single currency rallied to a fresh two-month high of 1.2739 in NY mid-day on renewed risk appetites ...

Welcome to the FXReturn.com London Forex Market Call for July 14th.,2010. GBP/USD: Closes on the highs of the session as the market makes a failed attempt to pierce Monday's low at 1.4946 only to find support and rally over 100 points going into the close. If the market penetrated 1.4946, a sell off down to 1.4767 would have been likely. A close above pivot resistance at 1.5238 would rally the Pound up to 1.5380 then 1.5520. 1.5093 is near term support | GOLD: Finds enough momentum to close up against 1200. Consecutive closes above 1209.7 will rally the market to 1225.9. A failure at the 1200 region will send the market back down to 1184.1 then 1165.4 | Daily FX Forum visitors can sign up for our FREE Live Interactive Webinars and Live Trading ...

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Portugal Downgrade!

By Mike Conlon | July 13, 2010

In the European session, Moody’s ratings agency downgraded Portugal two notches to A1 but maintained a “stable” outlook while citing weak growth prospects. ECB President Trichet maintained that monetary policy is appropriate in an attempt to assuage the market. Meanwhile, investor confidence figures in Germany weakened, as did wholesale prices.



In the UK, higher than expected CPI figures showed that inflation may not be subsiding as the BOE had expected which halted the Pound’s 3-day decline as expectations for normalized monetary policy have picked up for the second half of 2010. In addition, home prices expanded to ...