Forex: Majors awaiting FOMC minutes

on Jul 10, 2013
Listen Wednesday July 10th:_ The greenback has remained broadly lower against the other majors late in today’s European session, with the market focused on the pending release of the minutes of the FOMC’s June meeting, scheduled for just after 19:00 BST today.

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The MBA US Mortgage Applications data for the week ended July 5 was released earlier today, showing a drop of four percent, after adjustment for the Independence Day holiday and following a 11.7 percent fall in the prior week.
Average contract interest rates on fixed 30-year mortgages rose for the ninth week in a row to 4.68 percent, the highest level since July 2011 and up from 4.58 percent in the prior week.

The recent higher cost of mortgages has raised concerns that demand for housing finance could be stifled, so slowing recovery in the housing recovery. Most economists seem not to be unduly concerned since even with the increases interest rates remain historically low.
Ahead of the FOMC minutes and Fed chairman Ben Bernanke’s related words, the majors are trading as follows:
EUR/USD – 1.2827;
GBP/USD – 1.4910;
USD/JPY – 100.45.


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