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Date Posted: 00:53:27 07/18/12 Wed
Author: Charisse Bartoli
Subject: Markets stable after late evening rally

Last night financial markets rallied into the close, helping to undo a lot of the negative sentiment following Ben Bernanke's testimony. This morning, financial markets are stable with a negative bias as traders await Bernanke's second testimony at congress.

The yen is regaining some of the ground lost against the US dollar, with the USD/JPY down 0.10%. The dollar index is up slightly following a volatile session yesterday. The EUR/JPY is looking soft this morning, but as with all the movements so far today, the losses are not significant so far.

Coming up today we have UK claimant count change data at 09.30 along side the release of the minutes from the last MPC meeting and the unemployment rate. US building permits are released at 13.30 with housing starts out at the same time.
At 15.00 we have the second major appearance from Ben Bernanke this month. We switch to Canada at 15.30, with the release of the Bank of Canada monetary policy report, followed by the press conference at 16.15. We end the day with the Biege book at 19.00.

With markets stuck in the doldrums so far today, the NZD/USD is stuck right in the middle of its trading range. The pair's last range bound period lasted around two months, with the current impasse roughly one month old. A breakout will come at some point and with the US dollar still running too hot, the odds favour a breakout to the upside.

A good way to play this might be a HIGHER trade on BetOnMarkets.com predicting that the NZD/USD closes above 0.8000 in 30 days time for a potential return of 121%.

Get this trade now, go to: http://goo.gl/3UwKJ

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