Summary
Strong European data, along with better than expected earnings and outlook by Caterpillar, pushed the US equity markets higher on high volume and active trading. The S&P 500 Index surged 24 points to close at 1093.
Tomorrow's Events
AUD
1:30
Australia Import Price Index
Q2
1%
.3%
EUR
8:00
German IFO
July
101.5
101.8
GBP
8:30
UK GDP
.6%
CAD
11:00
BOC CPI
June
.1%
Trading Opportunities
EUR/USD
The EMU plans to unveil the results of the long awaited stress tests tomorrow, and the markets await the results with baited breath. Today, better than expected European data pushed the Euro higher. Euro zone July PMI came in at 56.7 vs. 55.5 expected and 56.0 in June, May euro zone new industrial orders rose 3.8% m/m vs. expected drop of 0.1% and revised 0.6% gain (was 0.9%) in May.
OIL
News that a tropical depression was forming in the Gulf of Mexico, along with Solid manufacturing data in Europe pushed oil prices to a 3-month closing high. Non-essential employees at many of the major oil companies including BP were evacuated from their platforms. Oil pushed through the 5-day moving average an is poised to test the $80 dollar resistance level.