NEWS / Monetary Policy

Bone throwing...pound and yen

Key New

??? U.K. retail sales gained more than expected in June. (Bloomberg)
??? A Dow Jones-CNBC survey of 21 of 22 primary dealers -- banks that deal directly with the Fed -- conducted yesterday afternoon found that 14 of the banks expect another quarter-point increase at the Fed's Aug. 8 meeting to 5.50%. And while a majority also expect that to be the last increase this year, seven of the 21 see more rate boosts ahead, to at least 5.75%. (WSJ)


Source: The Wall Street Journal

??? Key Reports (WSJ):
8:30a.m. Initial Jobless Claims For July 16 Wk. Consensus: -22K. Previous: +19K.
8:30a.m. June Conference Board Leading Indicators. Consensus: +0.2%. Previous: -0.6%.
10a.m. DJ-BTMU Business Barometer For July 9 Wk. Previous: -0.3%.
12p.m. July Philadelphia Fed Business Index. Consensus: 11.5. Previous: 13.1.



Quotable
"Men occasionally stumble over the truth, but most of them pick themselves up and hurry off as if nothing had happened."

Winston Churchill


FX Trading ??“ Some bone throwing??¦the pound and yen

Back to ???Gentle??? Ben it seems. The dollar took it on the chin. Will it continue? A look at the pound and yen daily charts this morning??¦

The British pound looks interesting on the daily chart. Testing the daily downtrend??¦next chart resistance comes in at 18539:



Chart


USDJPY Daily??¦support at 11669:

Chart

Jack Crooks, Black Swan Capital Black Swan Subscription-based Service