Currencies

• EUR/USD Early in Asia, EUR fell against most counterparts including the greenback. Support is seen at 1.4320, July 22nd Low.
  • The agreement on Greece, managed to push the EURUSD higher last week, however, Moody's decision to downgrade Greece over the weekend, weakened the EUR.


• USD/JPY continued to fall as result of downward pressure due to the Greenback weakness. US dept talks and dropping treasures may continue to exert downward pressure on the Dollar.


• GBP/USD continued to move in range since July 22nd. GBP may experience pressure as UK house prices declined 0.1% Friday, while UK economic growth have slowed to 0.2%.

Commodities

• Gold continued to rally, opening higher this morning as a result of uncertainty in currency y markets and US economy. Analysis are eyeing 1620 as first target, if broken, then 1.6340.

• Crude Oil continue to rally, 99.40 is seen as an important level. Analysts again are betting on $120 a barrel as a very possible target within several weeks.

Equities

• U.S. stocks closed mixed Friday. Dow closed in negative -.34%, while Nasdaq was up 0.86%, and S&P up 0.09%


• In Europe at the time of writing this report, CAC and DAX were up, while FTSE is down 0.42%.

• Asian stocks closed all in red, Nikkei was down 0.83%, Hand Seng 0.87%, and Shangahi down 2.95%.

Sources: Bloomberg, FT