Market Overview by FXCC July 11 2012

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[b]Market Overview by FXCC July 11 2012

China the main focus, with thin eco data as the EUR remains under pressure

Wall Street shares traded with a negative bias as they reviewed Chinese international trade data that implied that the Chinese economy is slowing. Energy prices fell, with WTI crude for delivery in August closing just under USD 84 per barrel and the August natural gas was trading at USD 2.73. CAD while USDCAD closed above 1.02 while EURUSD also sold off, closing at 1.2250. Equities were lower, with the S&P 500 down by 0.75% after being down as much as 1.2%. The TSX closed down by a steeper 1% amidst the selloff in basic resources and oil and gas names. Bonds were fairly flat.

It was a thin day in terms of economic data, with Canadian housing starts the only event on the docket. Canadian housing starts came in quite strong at 222.7 (that