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Forex currency price chart of XAU and USD

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Asia Sparks Global Rally

U.S. Dollar Trading (USD)

U.S. Dollar Trading (USD) continued to be under pressure as the stock market rallied and US data disappointed. June ISM Services dropped to 53.8 vs. 55.4 previously and confirms a long string of recent data that the US economy is growing slower than previously. In US stocks, DJIA +57 points closing at 9743, S&P +5 points closing at 1027 and NASDAQ +2 points closing at 2093.

European Euro

The Euro (EUR) continued to press higher breaking above 1.2600 as European stocks rallied more then 2%. The European Debt crisis is subsiding for now as a Spanish Bond offering yesterday went well. Market focus is now turning to the European Bank Stress tests slated for release on July 23.EUR/USD traded with a low of 1.2480 and a high of 1.2664 before closing at 1.2610. Looking ahead, Q1 GDP is expected to be confirmed at 0.2% q/q.

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