9 Jul 2013
Flash: NA open – TD Securities
FXstreet.com (London) - Jacqui Douglas, Senior Global Strategist at TD Securities updates pre NA shift.
She said with a strong start to the US earnings season last night, and the Eurogroup agreeing to release Greece’s next tranche of aid, albeit with conditions attached, markets were in recovery mode today with equities up about 1% on average across Europe and the USD paring some of its recent gains.
She explains GBP/USD was the big under-performer during the European session though, tumbling more than a full big figure lower from a high of 1.4981 after a weaker than expected industrial production report out of the UK. "This came as a particular shock after the series of upside surprises in last week’s UK PMI data." But she said it was in line with the weakness we’ve seen across the rest of Europe, with France and Italy also likely to disappoint tomorrow. “Today’s session should be a quiet one for North America, with just Canadian housing starts on tap. There will be one ECB speaker to keep an eye on, with Asumussen speaking at 11am EST, where markets will be looking for any sign of dissent regarding the ECB’s new forward guidance.”
She said with a strong start to the US earnings season last night, and the Eurogroup agreeing to release Greece’s next tranche of aid, albeit with conditions attached, markets were in recovery mode today with equities up about 1% on average across Europe and the USD paring some of its recent gains.
She explains GBP/USD was the big under-performer during the European session though, tumbling more than a full big figure lower from a high of 1.4981 after a weaker than expected industrial production report out of the UK. "This came as a particular shock after the series of upside surprises in last week’s UK PMI data." But she said it was in line with the weakness we’ve seen across the rest of Europe, with France and Italy also likely to disappoint tomorrow. “Today’s session should be a quiet one for North America, with just Canadian housing starts on tap. There will be one ECB speaker to keep an eye on, with Asumussen speaking at 11am EST, where markets will be looking for any sign of dissent regarding the ECB’s new forward guidance.”