HSBC confirms they cut second-half GDP growth forecast to below 1% and do not expect any Fed rate increases for the next 15 mos. They say "We see a 45% probability of a 50 bp Fed rate cut to 1.50%."

Approaches Y105.00 area of morning highs with chatter suggesting residual supply in place ahead of the figure. Chatter earlier pegged stops atop Y105.30 ahead of supply at Y105.50.

Lehman analyst Michelle Meyer says the new low in the NAHB index might reflect excess inventories and higher mtg rates. She says "We expect builders to continue to cut construction even though starts are already down nearly 60% from the peak and real residential investment has fallen by about a third" - a recovery could be as far off as Spring 2009.

Lehman analyst Michelle Meyer says the new low in the NAHB index might reflect excess inventories and higher mtg rates. She says "We expect builders to continue to cut construction even though starts are already down nearly 60% from the peak and real residential investment has fallen by about a third" - a recovery could be as far off as Spring 2009.

Stocks climb to session highs with financials (+8.2%) posting their largest gain since the Bear Stearns bail out. Only two of the sector's 89 components are trading lower -- Genworth Financial (GNW 14.37, -0.56) and Loews Crop (L 43.35, -0.42).
Beaten down automakers Ford (F 5.34, +0.69) and General Motors (GM 11.20, +1.36) are catching a bid. General Motors announced yesterday morning a new restrucutring plan to shore up capital through 2009. GM is up 14% this session, marking the largest one-day percent gain since surging 18% in 2005 on a better than expected earnings report and word that Tracinda Corp had increased its stake in the automaker.

There are positive signs but H2 growth will be modest at +1%-1.5%. Says infl is big risk: Fed must monitor infl and "move to a less accommodative stance in a timely fashion." Fed must walk the fine line.

The minutes confirm fin'l mkt conditions eased somewhat but remained strained; also that '08 forecast was rev up. FOMC said econ will prob continue to expand slowly and downside risks remain to growth though these had diminished since April. Much time was spent on the inflation risk, as Bernanke disclosed. Dissenter Fisher, of course, wanted to tighten, saying businesses were accommodating inflationary pressures and infl expectations were "becoming less well anchored."

All three of the major indices have climbed to a fresh session high. The Nasdaq continues to outpace its counterparts, the S&P 500 and the Dow Jones Industrial Average, up 2.3% at its most recent level.
The energy sector (-2.2%) remains an underperformer for the second straight session, following oil prices lower. Its drop during recent sessions has reversed its year-to-date gain. Now, all ten of the major economic sectors are trading with a year-to-date loss.
Oil and gas explorers have been the energy sector's worst performing industry group this session; it is down 3.1%. Refiners, up 0.8%, are the only industry group in the sector to trade with a gain.

The dollar increased the most against the euro in almost two weeks as declining crude oil prices and better-than-estimated earnings at Wells Fargo & Co. pushed U.S. equities higher.
``If equities can hang in, the dollar can certainly hang in,'' said Alan Ruskin, head of international currency strategy at RBS Greenwich Capital Markets in Greenwich, Connecticut. `` ``We had attempts to trash the dollar yesterday and ended up unwinding a lot of that. We could see that continue today.''
Federal Reserve Chairman Ben S. Bernanke reiterated in testimony before the House Financial Services Committee in Washington today that growth and inflation risks are increasing. Fed funds futures on the Chicago Board of Trade show a 7 percent chance the central bank will increase its 2 percent target lending rate at its Aug. 5 meeting, compared with 77 percent odds a month ago.
The dollar and U.S. stocks gained as the U.S. Department of Energy reported that crude oil inventories unexpectedly rose, driving down the price of a barrel of crude by as much as $6.74 to $132. Traders buy the dollar to get out of bets on rising oil prices. The Standard & Poor's 500 Index rose for the first time in four days, increasing 1.1 percent.
The U.S. currency has given up gains made versus the euro since July 3, when European Central Bank President Jean-Claude Trichet said he had ``no bias'' on future interest-rate moves after increasing the main refinancing rate to 4.25 percent. The dollar strengthened 0.6 percent to $1.5706 per euro that week. It has since slumped 0.8 percent on concern losses will deepen at Fannie and Freddie, the two largest buyers of U.S. mortgages.
U.S. consumer prices advanced 1.1 percent in June after rising 0.6 percent the prior month, the Labor Department reported today in Washington. It was the biggest increase since 2005. The median forecast of 79 economists surveyed by Bloomberg News was for a boost of 0.7 percent last month.
Production at factories, mines and utilities rose 0.5 percent last month after dropping 0.2 percent in May, the Fed reported today. The median forecast of 78 economists surveyed by Bloomberg News was for an increase of 0.1 percent.
``The bad news in the U.S. is very much priced in already,'' said Adam Fazio, a currency strategist at CIBC World Markets Inc. in New York. ``The market is becoming punch drunk to negative news out of the U.S. while the bad news out of the Europe is just starting to come out. The euro is at such lofty levels.''

"US bond yields are too low even after accounting for a sizeable flight-to-quality bid for Treasury securities. 10-year Treasury yields are pricing in either a very bullish outlook for the fed funds rate or an all-too-sanguine outlook for inflation. With hikes priced in for the Fed, we think it is the inflation component that investors are not being compensated for."

The major indices run into some broad-based resistance at session highs, although the market continues to sport a solid gain. Fed Chairman Bernanke is currently answering questions from Housing Financial Services Committee members.
Of note, the chairman said the GSEs (Fannie Mae (FNM 7.91, +0.84) and Freddie Mac (FRE 5.93, +0.67)) are adequately capitalized and in no danger of failing. He went on to say that action by Congress is justifiable in order to raise confidence.
Treasures are under selling pressure on the long end of the curve. The 10-year note is down 25 ticks, and the 30-year bond is down nearly two points. The weakness in bonds is due to the stock market's recent advance and the higher than expected inflation reading.

Crude prices plummet 4.0% to $133.32 per barrel on news of the unexpected increase in crude and gasoline inventories. Crude prices are now down more than 8% over the last two days.
The news has lifted the stock market to session highs, with financials (+5.8%) and retail (+2.7%) stocks seeing the most buying interest. Conversely, the energy sector (-3.2%) quickly dropped to session lows on the spike in crude.
AMR Corp (AMR 5.37, +0.96), parent company of American Airlines, reported a second quarter loss of $284 million after fuel prices increased cost by $838 million compared to the prior year. The results, however, topped Wall Street expectations helping to lift shares by 22% advance.
The better-than-expected earnings from AMR and the plummet in crude prices is lifting the Amex Airline Index to a massive 12% gain. Despite the advance, airlines are still posting a steep 55% drop this year.

"The second quarter average of business equipment production is down an annualized 4.5% versus the first quarter. This result suggests downside risk to equipment investment in the 2Q GDP report."

The stock market briefly slips into the red, and then bounces back to hit session highs. Most of the buying interest is concentrated within financials (+4.5%), as no other sector is up more than 1%.
Wells Fargo's (+4.71) better-than-expected earnings are acting as the main buying catalyst, although the sector is also benefiting from earnings beats from the likes of Charles Schwab (+1.61), Northern Trust (+4.55), Marshall & Ilsley (+0.80).
The diversified banks group is surging 14.0%, its largest advance in its nearly 20 year history.

"Industrial production gained 0.5% in June thanks to a weather related jump in utility output (+2.1%) and a sharp rebound in motor vehicle assemblies following the end of the American Axle strike. Manufacturing ex motor vehicles was down slightly again."

EUR/USD $1.5875, $1.5700, $1.6050
USD/JPY Y104.00, Y105.00, Y105.50, Y106.00
EUR/JPY Y166.80
GBP/USD $1.9950
USD/CAD C$1.0000

Futures indicate a negative start, although they are well off their lowest levels (S&P futures -2.5, Nasdaq futures -6.2). Charles Schwab reported second quarter earnings from continuing operations of $0.27 per share, which is $0.01 better than expectations. Milwaukee-based bank Marshal & Isley reported a second quarter loss of $1.52 per share, which is $0.04 better than Wall Street's forecast.
Wells Fargo induced recovery on a hotter-than-expected inflation reading. June CPI rose 1.1% month-over-month, higher than the expected increase of 0.7%. Core CPI, which excludes food and energy, rose 0.3%, also higher than the consensus estimate of 0.2%. CPI is now up 5.0% year-over-year (consensus +4.5%) and core CPI is up 2.4%(consensus +2.3%).

CPI (June) 1.1%
CPI (June) Y/Y 5.0%
CPI excluding food and energy (June) 0.3%
CPI excluding food and energy (June) Y/Y 2.4%

The dollar dropped to near a record low against the euro and weakened versus the yen on concern U.S. bank losses and writedowns will increase this week, further eroding confidence in the financial system.
Federal Reserve Chairman Ben S. Bernanke yesterday abandoned his June assessment that economic risks had diminished.
``Bernanke made it clear the Fed has a fairly pessimistic view on U.S. growth.`` said Peter Frank, a currency strategist in London at Societe Generale SA, France's second-biggest bank by market value. ``We've been significant dollar bears and remain so for the rest of the year.''
The euro was supported after a report showed inflation in Germany, Europe's largest economy, accelerated to the fastest pace in 12 years. Consumer prices rose 3.4 percent in June from a year ago after gaining 3.1 percent in May, the Federal Statistics Office said today.
In testimony before the Senate Banking Committee yesterday, Bernanke abandoned his June assessment that the threat of an economic downturn has diminished, telling lawmakers that growth and inflation risks are increasing.
``Bernanke has become a bit more bearish on the U.S. economy than before,'' said Yuji Kameoka, a senior economist and currency analyst in Tokyo at Daiwa Institute of Research, a unit of Japan's second-largest brokerage. ``This reduces expectations for a Fed rate increases this year and is currently weighing on the dollar.''
U.S. consumer prices may have risen at an annual rate of 4.5 percent in June, the most since September 2005, according to the median forecast of economists.
``Consumer-price data aren't likely to support the dollar,'' Masafumi Yamamoto, head of foreign-exchange strategy for Japan at Royal Bank of Scotland Group Plc in Tokyo and a former Bank of Japan currency trader, wrote in a research note today. ``It will serve as a reminder that the U.S. faces stagflationary risks, making it difficult to conduct monetary policy.''

EUR/USD fell back to $1.5870. Offers seen to $1.6050, a break above to open a move on toward $1.6065/75 ahead of $1.6100.
GBP/USD traded within $2,0000-$2,1000 range.
USD/JPY fell from Y104.90 to Y103.75. Bids Y103.80/70. Offers Y104.40/50.

US data starts at 12:30 GMT with CPI (June). Also today TICS will be published at 13: 00 GMT and Industrial production (June) at 13:15 GMT. At 18:00 will be published FOMC meeting minutes (25.06)

The dollar dropped to near a record low against the euro and weakened versus the yen on concern U.S. bank losses and writedowns will increase this week, further eroding confidence in the financial system.
Federal Reserve Chairman Ben S. Bernanke yesterday abandoned his June assessment that economic risks had diminished.
``Bernanke made it clear the Fed has a fairly pessimistic view on U.S. growth.`` said Peter Frank, a currency strategist in London at Societe Generale SA, France's second-biggest bank by market value. ``We've been significant dollar bears and remain so for the rest of the year.''
The euro was supported after a report showed inflation in Germany, Europe's largest economy, accelerated to the fastest pace in 12 years. Consumer prices rose 3.4 percent in June from a year ago after gaining 3.1 percent in May, the Federal Statistics Office said today.
In testimony before the Senate Banking Committee yesterday, Bernanke abandoned his June assessment that the threat of an economic downturn has diminished, telling lawmakers that growth and inflation risks are increasing.
``Bernanke has become a bit more bearish on the U.S. economy than before,'' said Yuji Kameoka, a senior economist and currency analyst in Tokyo at Daiwa Institute of Research, a unit of Japan's second-largest brokerage. ``This reduces expectations for a Fed rate increases this year and is currently weighing on the dollar.''
U.S. consumer prices may have risen at an annual rate of 4.5 percent in June, the most since September 2005, according to the median forecast of economists.
``Consumer-price data aren't likely to support the dollar,'' Masafumi Yamamoto, head of foreign-exchange strategy for Japan at Royal Bank of Scotland Group Plc in Tokyo and a former Bank of Japan currency trader, wrote in a research note today. ``It will serve as a reminder that the U.S. faces stagflationary risks, making it difficult to conduct monetary policy.''

Widespread demand for the yen takes the cross to fresh lows for the day, reported stops under Y165.50 now triggered, with additional stops at Y165.30/20 now at risk.

Resistance 3: Y106.80
Resistance 2: Y105.50
Resistance 1: Y104.80
Current price: Y103.85
Support 1: Y103.80
Support 2: Y103.20
Support 3: Y103.00
Comments: Dollar remains under pressure. Below support comes at Y103.80 with stronger level is around Y103.20 and Y103.00. Minor resistance mentioned near session high on Y104.80 with a break above will open then way up to 50% Fibo of the fall from Monday at Y105.50. Further upmove may extend to Monday’s highs on Y106.80.

Resistance 3: Chf1.0300
Resistance 2: Chf1.0250
Resistance 1: Chf1.0140
Current price: Chf1.0032
Support 1: Chf1.0010
Support 2: Chf0.9980
Support 3: Chf0.9950
Comments: Support is around Chf1.0010 - stronger level is on yesterday’s low. Break under will open the way to Chf0.9980 and Chf0.9950. Minor resistance comes at Chf1.0140. Stronger level is around Monday’s highs on Chf1.0250. Above the target is on Chf1.0300.

Resistance 3: $2.0200
Resistance 2: $2.0140
Resistance 1: $2.0100
Current price: $2.0035
Support 1: $2.0000
Support 2: $1.9960
Support 3: $1.9810
Comments: Sterling retreats with support mentioned around $2.0000, broken Tuesday. Below correction may extend to $1.9960 and $1.9810. Session highs are the resistance with stronger level is around yesterday’s highs and channel line from Jun 13 on $2.0130/40. Above the target is at $2.0200.

Resistance 3:$1.6080
Resistance 2: $1.6030
Resistance 1: $1.5960
Current price: $1.5926
Support 1: $1.5860
Support 2: $1.5760
Support 3: $1.5600
Comments: Euro consolidates within the narrow range after refreshing life-time highs Tuesday. Minor support comes near Tuesday’s low on $1.5860. Below the level if channel support line from Jun 13 on $1.5760 with stronger – around Jul 07 lows on $1.5600/10. Minor resistance is near $1.5960 with a break above will target record high on $1.6030 and then - $1.6080.

GBP/USD dropped back from around $2.0070 to $2.0037 on release ofUK employment data, which showed that the claimant count rose sharply in June. Bids seen placed on approach to $2.0000, a break below to open a deeper move toward $1.9970. Offers $2.0100.

EUR
Bids: $1.5880, $1.5865/50
Offers: $1.5945/50

JPY
Bids: Y104.00
Offers: Y104.90/105.00, Y105.30

GBP
Bids: $2.0000, $1.9970, $1.9950
Offers: $2.0100

AUSSIE

Bids: 0.9735/30, $0.9710/00

Offers: $0.9815, $0.9850

The dollar fell against the yen on speculation U.S. banks will report further losses this week, eroding confidence in the financial system of the world's largest economy.
The U.S. currency traded near a record low versus the euro before quarterly earnings from Wells Fargo & Co., Merrill Lynch & Co., JPMorgan Chase and Citigroup Inc. that may show banks are losing more money after the U.S. subprime mortgage collapse.
Federal Reserve Chairman Ben S. Bernanke yesterday abandoned his view that economic risks had diminished.
The Australian dollar declined after Reserve Bank of Australia Governor Glenn Stevens said slowing demand will ease inflationary pressure. The Aussie, reached a 25-year high yesterday.

EUR/USD held within the $1.5880/$1.5920 range before rising up to current $1.5940.
GBP/USD traded between the $2.0015/20 zone before printing a session high on $2.0095.
USD/JPY fell from Y104.90 and, triggering some stops on the break under Y104.10/20, tested the figure.

Wednesday is full by economic data. At 08:30 GMT UK will issue its Labir market figures.
But the most interesting will be NY session today. At 12:30 GMT CPI report is due to come with analysts predict prices rose +0.6% in June after +0.7% month earlier. At 13:00 GMT US treasury’s TICS report is schedule to come. At 13:15 GMT Industrial production figure will be released.
Meanwhile, the main focus will be on FOMC’s minutes at 18:00 GMT.

Japan's benchmark stock indices ended Wednesday's session narrowly mixed: the Nikkei 225 gained 6.24 points, or 0.05%. to stand at 12760.50. The broader-based TOPIX was 3.84 points lower at 1249.28.

Economists at JPM believe the Chairman's testimony will be more dovish than the June FOMC statement but will offer little policy guidance. JPM also believe Bernanke will stress the downside risks to growth and believe "the characterization of growth risks to sound a little less optimistic than the most recent FOMC statement." JPM also looks for three revisions in the FOMC qtly projections towards upward revision to 2008 growth, unemployment and inflation.

Stock market fixing:
Nikkei 225 -255.60 -1.96% 12,754.56
Topix -27.60 -2.2% 1 253.12
FTSE -128.50 -2.42% 5,171.90
DAX -118.55 -1.91% 6,081.70
CAC -81.38 -1.96% 4,061.15
Dow -92.65 -0.84% 10,962.54
NASDAQ +2.84 +0.13% 2,215.71
S&P -13.39 -1.09% 1,214.91
10yr Note -0.3600 -0.093% 3.844%
NYMEX Crude Oil -6.44 -4.44% 138.74
Gold +5.00 +0.51% 978.70

Japanese stocks fell the most in a week, led by financial companies, after a rescue package for U.S. mortgage lenders renewed concern that credit-market losses will spread and banks will fail because of a lack of capital.
Mitsubishi UFJ Financial Group Inc fell the most in four months, while Mizuho Financial Group Inc., the third largest, dropped for the first time in five days. Mazda Motor Corp. extended its decline in the afternoon as the dollar weakened against the yen and shares in China, Japan's largest export market, slumped the most in two weeks.
Sumitomo Realty & Development Co. led real estate companies lower as troubles among banks heightened speculation funds will be cut off for property investments. Its shares lost 6.5%. Mitsubishi Estate Co., the biggest developer by market value, fell 3.7%.
Matsui Securities Co. surged 3.6% after Nikkei Inc. said it will add the stock to its Nikkei 225 index on July 28. Orix Corp. and SBI Holdings Inc., which brokerages had cited as possible candidates for addition, both slumped more than 7% after being passed over.

European stocks declined as investors speculated credit-market losses will widen and German investor confidence fell to a level not seen in 16 years.
UBS AG, the European bank hardest hit by the U.S. subprime contagion, and Royal Bank of Scotland Group Plc, dropped to the lowest since at least 1998. Fortis slipped 11% after regulators said they may investigate whether its management misled shareholders, and a brokerage said the financial-services company may need more capital. Ciba Holding AG sank the most in a month after Merrill Lynch & Co. slashed earnings estimates for the chemical maker on concern higher raw-material costs will hurt profit.
Investor confidence in Germany, Europe's largest economy, dropped to the lowest since the data was first compiled in December 1991, while inflation in the U.K. accelerated to the fastest pace in at least 11 years in June, reports showed yesterday.
Allied Irish Banks Plc dropped 6.6%. Credit Suisse Group AG cut its price estimate on the stock 37% to 9.5 euros.
BT Group Plc fell 4.8% after the U.K.'s biggest phone company said it will suspend a share buyback program from July 31, while saying it remains committed to its dividend.

Wall Street closed mixed Tuesday on more worries about the financial services sector fallout, GM news, Bernanke comments.
Wachovia plunged 20% after influential Oppenheimer & Co. analyst Meredith Whitney downgraded it to "underperform" one day after the stock ended at a 17-year low. In her note, she said that it won't be able to cut costs fast enough to counter slumping capital, and that among the major banks it will face the "greatest reckoning."

The troubled automaker GM said Tuesday it will lay off salaried workers, suspend its dividend and sell off $4 billion to $7 billion in assets as a means of getting its business back on track.
In remarks prepared for this semi-annual testimony before Congress, the Fed chief said that strains from housing and the financial markets will continue to drag on the economy. Bernanke was testifying before the Senate Banking Committee.
Economic news: June wholesale inflation jumped 1.8%, topping economists' forecasts, the government reported, reflecting spiking fuel and food costs. However, prices excluding volatile food and energy prices rose less than expected in the month, climbing 0.2% versus forecasts for a rise of 0.3%.
Meanwhile, wholesale prices over the last 12 months have risen 9.2%, growing at the fastest pace in 27 years. The July NY Empire State index, a closely-watched regional manufacturing report, improved to a reading of minus 4.9 from minus 8.7 in the previous month. Economists thought it would only improve to a reading of minus 8.

The dollar touched a record low against the euro as Federal Reserve Chairman Ben S. Bernanke said growth and inflation risks have both increased.
The currency weakened the most against the yen since the March collapse of Bear Stearns Cos. as Bernanke said helping financial markets return to more normal functioning remains ``a top priority.''
``Bernanke clearly acknowledged more growth risks than he anticipated a few weeks ago,'' said Robert Sinche, head of global currency strategy at Bank of America Corp. in New York.
Retail sales advanced 0.1% last month, after a revised 0.8% advance in May, the Commerce Department reported today in Washington. U.S. producer prices rose 9.2% in the 12 months ended in June, the Labor Department said. The median forecast of 25 economists was for an increase of 8.7%.

EUR/USD refreshed life-time highs around $1.6030 before retreating to $1.5907.
GBP/USD tested key resistance level on $2.0130, but failed to set above and was dragged down to $2.0000.
USD/JPY fell to the lows near Y104.17 before rebounding to Y105.11.

Wednesday is full by economic data. At 08:30 GMT UK will issue its Labir market figures.But the most interesting will be NY session today. At 12:30 GMT CPI report is due to come with analysts predict prices rose +0.6% in June after +0.7% month earlier. At 13:00 GMT US treasury’s TICS report is schedule to come. At 13:15 GMT Industrial production figure will be released.
Meanwhile, the main focus will be on FOMC’s minutes at 18:00 GMT.

A confirmation that "many fin'l mkts and institutions remain under considerable stress." Statement that "helping the fin mkts to return to more normal functioning" is a top priority suggests that upcoming Fed actions might not be driven entirely by econ outlook. Bernanke says econ activity was sluggish in H1 and infl remained elevated; econ has continued to expand. 2008-10 econ projections are below trend due to hsg weakness but '08 ests were upped; FOMC marked up infl expectations in '09-10, still expects moderation from '08. Fed's "critical responsblity" is to prevent infl spiral and must be critically alert to infl signals (same lip-service as given in recent speeches). Discusses commodities: oil hikes are mainly due to supply/demand. Cen-tends:'08 real GDP +1.0-1.6% (vs 0.3-1.2 in Apr);core PCE px 2.2-2.4% (vs same),'09 2-2.2% infl.

Resistance 3: Y106.80
Resistance 2: Y105.50
Resistance 1: Y104.80
Current price: Y104.24
Support 1: Y104.20
Support 2: Y103.80
Support 3: Y103.20
Comments: Dollar holds near channel line from Jun 16 at Y104.20. Below support comes at Y103.80 with stronger level is around Y103.20. Minor resistance mentioned near session high on Y104.80 with a break above will open then way up to 50% Fibo of the fall from Monday at Y105.50. Further upmove may extend to Monday’s highs on Y106.80.

Resistance 3: Chf1.0300
Resistance 2: Chf1.0250
Resistance 1: Chf1.0140
Current price: Chf1.0091
Support 1: Chf1.0070
Support 2: Chf1.0010
Support 3: Chf0.9980
Comments: Dollar’s techs hasn’t changed much. Support is around Chf1.0070 with stronger level is on yesterday’s low on Chf1.0010/ Break under will open the way to Chf0.9980. Minor resistance comes at Chf1.0140. Stronger level is around Monday’s highs on Chf1.0250. Above the target is on Chf1.0300.

Resistance 3: $2.0200
Resistance 2: $2.0140
Resistance 1: $2.0060
Current price: $2.0026
Support 1: $2.0000
Support 2: $1.9960
Support 3: $1.9810
Comments: Sterling retreats after Tuesday’s rally with support mentioned around $2.0000, broken Tuesday. Below correction may extend to $1.9960 and $1.9810. Session highs are the resistance with stronger level is around yesterday’s highs and channel line from Jun 13 on $2.0130/40. Above the target is at $2.0200.

Resistance 3:$1.6080
Resistance 2: $1.6030
Resistance 1: $1.5960
Current price: $1.5914
Support 1: $1.5860
Support 2: $1.5760
Support 3: $1.5600
Comments: Euro consolidates within the narrow range after refreshing life-time highs Tuesday. Minor support comes near Tuesday’s low on $1.5860. Below the level if channel support line from Jun 13 on $1.5760 with stronger – around Jul 07 lows on $1.5600/10. Minor resistance is near $1.5960 with a break above will target record high on $1.6030 and then - $1.6080.

High Low Close
EUR/USD 1.6029 1.5866 1.5911
USD/JPY 106.27 104.15 104.63
GBP/USD 2.0134 1.9930 2.0055
USD/CHF 1.0177 1.0012 1.0081

EUR/JPY 168.92 166.39 166.47
EUR/GBP 0.7984 0.7925 0.7932
GBP/JPY 211.99 208.92 209.82
GBP/CHF 2.0307 2.0120 2.0219

Change % Change Last
Nikkei 225 -255.60 -1.96% 12,754.56
Topix -27.60 -2.2% 1 253.12
FTSE -128.50 -2.42% 5,171.90
DAX -118.55 -1.91% 6,081.70
CAC -81.38 -1.96% 4,061.15
Dow -92.65 -0.84% 10,962.54
NASDAQ +2.84 +0.13% 2,215.71
S&P -13.39 -1.09% 1,214.91
10yr Note -0.3600 -0.093% 3.844%
NYMEX Crude Oil -6.44 -4.44% 138.74
Gold +5.00 +0.51% 978.70

06:00 Germany CPI (June) final 0.3% 0.3%
06:00 Germany CPI (June) final Y/Y 3.3% 3.3%
06:00 Germany HICP (June) final Y/Y 3.4% 3.4%
06:45 France CPI (June) unadjusted - 0.5%
06:45 France CPI (June) unadjusted Y/Y - 3.3%
06:45 France HICP (June) Y/Y - 3.7%
08:30 UK Claimant count (June) - +9.0K
08:30 UK Claimant count rate (June) - 2.5%
08:30 UK Average earnings (3 months to May) Y/Y 3.8% 3.9%
08:30 UK ILO Jobless rate (3 months to May) - 5.3%
09:00 EU(15) Harmonized CPI (June) final 0.4% 0.6%
09:00 EU(15) Harmonized CPI (June) final Y/Y 4.0% 3.7%
09:00 EU(15) Harmonized CPI ex EFAT (June) Y/Y - 1.7%
12:30 USA CPI (June) 0.7% 0.6%
12:30 USA CPI (June) Y/Y - 4.2%
12:30 USA CPI excluding food and energy (June) 0.2% 0.2%
12:30 USA CPI excluding food and energy (June) Y/Y - 2.3%
13:00 USA TICS (May), bln - 60.6
13:00 USA TICS long-term (May), bln - 115.1
13:15 USA Industrial production (June) 0.2% -0.2%
13:15 USA Capacity utilisation (June) 79.4 79.4
18:00 USA FOMC meeting minutes (25.06)