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Daily Forex Market Review 22.07.2015

The euro rose against the dollar with the return of stability to the European economy after the Greek government paid back the 6.25 billion euros it owes the European Central Bank and the International Monetary Fund.
European Economic Data
• French business climate at 06.45 GMT
• Italian industrial sales at 08.00 GMT
• Italian industrial orders at 08.00 GMT
• Italian retail sales at 09.00 GMT
• Consumer confidence at 14.00 GMT
American economic data
• MBA mortgage application at 11.00 GMT
• Housing price index at 13.00 GMT
• Market PMI composite at 13.45 GMT
• Market service PMI at 13.45 GMT
• Existing home sales at 14.00 GMT
• EIA crude oil stocks change at 14.30 GMT

The pound was stable against the US dollar, after the rise in Net Lending to the public sector in Britain during last June and with the absence of any economic data from the US on Tuesday.
British economic data
• BOE MPC vote cut at 08.30 GMT
• Bank of England minutes at 08.30 GMT
• Inflation report hearing at 09.00 GMT

The Japanese yen rose against the US dollar after the meeting minutes of the central bank of Japan showed an improvement in the pace of inflation and the economy. The monetary policy was unchanged since the expansion of monetary stimulus program in October.
Japanese economic data
• All industry activity indexes at 04.30 GMT
• Adjusted merchandise trade balance at 23.50 GMT
• Exports at 23.50 GMT
• Imports at 23.50 GMT
• Merchandise trade balance total at 23.50 GMT
• Foreign bond investment at 23.50 GMT
• Foreign investment in Japan stocks at 23.50 GMT

The Australian dollar rose against the US dollar after Jilin Stevens, Governor of the central bank, decided to keep interest rates at their lowest level for the second meeting in a row. Rates were unchanged at 2.00% in efforts to support the economy in the face of lower commodity prices.
Australian economic data
• Westpac leading index at 00.30 GMT
• Consumer price index at 01.30 GMT
• RBA trimmed mean CPI at 01.30 GMT
• RBA government speech at 03.05 GMT

Gold prices rose amid optimism about the developments in Greece and the authentication of the Security Council on the Iranian nuclear agreement and in conjunction with the scarcity of economic data from the US economy.

Oil rose on Tuesday, recovering from its lowest level in three months, as the USD declined. Investors await some data on oil inventories in the United States, the world’s biggest oil consumer.

The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM Capital Limited. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.

Wednesday, 22 Jul, 2015 / 8:13

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