MORNING BRIEFING: The start of the results season and G8 summit this week.

What’s new?
United States: A bankruptcy judge to validate plans for transfer of assets of GM.
China: The government believes that the Dollar remains the main reserve currency.
Russia and France want debate on the role of the Dollar.
ECB: Trichet urges banks to grant credits.

10h30 Euro zone: Sentix index July, exp -24, previous -27.
16h00 United States: ISM Non-Manufacturing PMI June, exp 45.5, previous 44.

Overnight Rates and Indices:
EURUSD: 1.3998 – 1.3952.
USDCHF: 1.0885 – 1.0857.
GBPUSD: 1.6328 – 1.6259.
EURJPY: 134.09 – 132.97.
USDJPY: 96.07 – 95.26.
DowJones: Closed
NASDAQ: Closed
S&P 500: Closed.
Nikkei: 9’695 -1.23%.
Gold: $930.80
Crude Oil: $65.31

US Financial markets were closed Friday on the eve of the July 4th National holiday, which resulted in limited volatility in the Foreign Exchange market.
This week marks the start of the results season and the decisive results of the G8 summit to be held from Wednesday to Friday at L'Aquila in Italy. We will talk about the G8 summit in detail in the coming days. Other than the price of oil, Iran, aid, food security and environment, two issues that should influence the currency pairs are the financial crisis and especially the reserve currency.
We look forward to a quiet beginning of the week, the EURUSD is expected to remain stagnate between 1.3925 and 1.4075 until Wednesday, then, investors will react to any statement or news from the G8, especially from the thorny issue of the status of the Dollar as the reserve currency.

Have a nice week.

Emman Xuereb
Head Office

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