Market Review 31.7.12

Source: ForexYard


Increased investor confidence in the global economic recovery, following comments from the ECB President in which he said he would do whatever was necessary to lower Spanish and Italian borrowing costs, led to risk taking during the overnight session. As a result, the Australian dollar hit a four-month high vs. its US counterpart, while the price of gold remained well above $1620 an ounce.

Main News for Today

US CB Consumer Confidence-14:00 GMT
• The Consumer Confidence is forecasted to come in at 61.5, which if true, would signal the fourth consecutive month the figure has declined
• If today’s news comes in below 61.5, both the dollar and crude oil could turn bearish during afternoon trading

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