·
US –
The Federal Reserve remains on track for hiking this year, saying the economy
has improved, but “some further improvement” in the labour market is still
required. The Committee expects inflation to rise gradually toward 2%
over the medium term as the labor market improves further and the transitory
effects of earlier declines in energy and import prices dissipate.
·
US –
Pending home sales fell 1.8% m/m in June taking the annual pace of growth to
11.1%. The upward trend in pending home sales remains intact, with the decline
in June following five consecutive monthly gains.
·
UK –
June mortgage approvals data provided further evidence of a gradual pick-up in
housing transactions activity. Net mortgage lending amounted to GBP2.6 billion,
its highest level since July 2008.
·
Currency
– It was a night of consolidation for currencies, with GBP failing to
capitalise on strong consumer credit numbers, before the FOMC comments saw the
USD strengthen modestly.
·
Equity
– US and European equities advanced for the second consecutive session, amid
stronger earnings results and M&A activity and against a backdrop of a
recovery in Chinese equity markets.
·
Rate
– Treasuries sold off prior to the FOMC. Yields dropped a little after the
statement but then bounced back to be little changed vs pre-FOMC, with only
small moves on the day. 10-year treasury yields were up 3.4 basis points.
·
Energy
– Crude oil prices rose with WTI outperforming Brent. US crude stockpiles fell
by 4.2 million barrel against market expectation of a 0.85 million barrel gain.
Precious Metal – Gold prices
were broadly unchanged in a lacklustre session of trading. Gold traded
marginally higher by 0.02% below $US1100 per ounce.|
INDICATIVE MAJOR CURRENCIES
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