Forex News and Rumors – Afternoon Update

US Personal Incomes Fall 1.3% in June

Hopes for an increase in consumer spending in the US were dampened somewhat as the Commerce Department announced that individual incomes fell by 1.3 percent for the month of June. This was more than expected and is the largest single-month drop in four years. More

US Pending Home Sales Increases for Fifth Straight Month

The National Association of Realtors released its Pending Home Sales Index today which tallies the number of sales contracts signed on a monthly basis. For June, the index rose 3.9 percent to 94.6 and was the fifth straight month that the index rose. More

Canadian Dollar Falls as Finance Minister Warns of Possible Intervention

The Canadian dollar fell a full cent today to $1.0764 per US dollar after Canadian Finance Minister Jim Flaherty told reporters that the Canadian dollar’s recent increase against is US counterpart caused him concern and that “steps” could be taken to slow the increase. In the last month alone, the Canadian dollar gained 7.9 percent against the US dollar. More

Technical Analysis Suggests Euro Could Reach $1.472

Niall O’Connor – a technical analyst at JPMorgan – wrote in a client note today that the euro could be about to undergo a “bullish breakout”.

“A bullish breakout is under way following the impulsive advance” through the June high, wrote O’Connor. “The upside bias will likely shift into a grind higher, but keep in mind there is little evidence of a topping pattern right now.” More

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