YouTradeFX | Jul 19, 2012 04:30AM ET
According Bloomberg News, sales of previously owned U.S. homes probably rose in June; a report may show today, a sign the recent pickup in demand will be sustained. Purchases climbed 1.5 percent last month to a 4.62 million annual rate, matching April as the fastest since January, according to the median forecast of 76 economists surveyed by Bloomberg News. Jobless claims increased last week, another report may show.
Australian businesses grew less optimistic about near-term prospects, signaling a slowdown in the fastest-growing developed economy that economists predict will force the central bank to cut interest rates again. The business conditions index for the next three months dropped to 5, the lowest reading since the second quarter of 2009, National Australia Bank Ltd. (NAB) said in a survey released today.
U.K. unemployment fell to a nine-month low in the quarter through May as the London Olympics helped to create jobs, underlining the resilience of the labor market in the face of a recession and Europe’s debt crisis. The jobless rate based on International Labor Organization methods fell to 8.1 percent from 8.2 percent in the period through April, the Office for National Statistics said yesterday.
EUR/USD: The EUR/USD was trading slightly higher at 1.22854 at the time of writing ahead of EU current account at 09:00 GMT and sovereign debt auctions in France at 9:50GMT and Spain around 09:50 – 10:50 GMT. The pair is likely to fluctuate within the resistance level of 1.23360 and the support level of 1.22147 on the European session. More volatility are expected later on the American session, where the U.S will release its initial Jobless claims data, Philadelphia Fed Manufacturing Index and Existing Home Sales data, the key risk events for the pair. Positive data from U.S might drag the EUR/USD down to hover around the key level of 1.22000. However, if data come below economists’ expectations the pair might increase to test the resistance level of 1.23360. Investors should adopt a wait and see strategy on the pair today. The support level is at 1.22147.
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