All eyes on Ukraine and Russia
City Index July 21, 2014 3:44 PM
<p>The main news today is still about the downed jet from Thursday. With no further truth coming out, the markets seem to have taken a […]</p>
The main news today is still about the downed jet from Thursday. With no further truth coming out, the markets seem to have taken a break and are sitting at the same levels for the last few days. The US is pressing the case against Russia and accusations are that pro-Russian rebels were behind the attack.
Today we have a data void and a Japanese holiday, also mixed with some school holidays starting in the UK. This leaves us with little to look out for, with possibly the summer break hitting the markets.
The euro is still holding above the 1.3500 level and has gained around 17 pips from the Asian session. It is still looking undecided as we await fresh data to show if the euro area inflation needs any more stimulus.
The pound is flat from the open and has been in a 20-pip range. In recent trading it has struggled to get back its momentum and is currently sitting just below 1.7100.
The yen has been strong against the US dollar since Thursday due to geopolitical concerns. It could remain the same as the holidays start, with a big support area at 100.75.
The Aussie still trying to get back above the 0.9400 level, sitting just below this. It has had a brief attempt overnight, only to be pushed back with sells at the figure. Overnight tonight Governor Stevens from the RBA is speaking and will no doubt put a negative word in there for the high exchange rate, for which the general reaction is to sell off.
Supports 1.3511 1.3491 1.3482 | Resistance 1.3572 1.3595 1.3605
Supports 101.11 100.75 100.50 | Resistance 101.70 102.00 102.15
Supports 1.7024 1.7009 1.6990 | Resistance 1.7118 1.7143 1.7165
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