Pound Slightly In The Red Against Strong Greenback

EUR/USD tumbled 13 focuses after German business information baffled dealers. The euro is exchanging at 1.3450 and keeps on decliing. German business estimation tumbled to its most reduced level in nine months in July in a sign that organizations in Europe's biggest economy are agonized over the emergencies in Ukraine, Iraq and Gaza. The Munich-based Ifo research organization's business atmosphere list, directed from July 4 to 24 and focused around a month to month study of exactly 7,000 organizations, tumbled to 108.0 from 109.7 as geopolitical pressures weighed on certainty.

GBP/USD is slightly in the red against the strong US dollar. The GBP is trading at 1.6984 on continued weakness after a miss in yesterday’s data and today GDP met expectations, but did not support the currency after the BoE made it clear that it was not going to raise interest rates any time soon.

AUD/USD is flat this morning at 0.9395 with almost no volume. The markets seem spooked as traders are just uninterested in making commitments. The AUD remains in a strong range but below last week when its momentum seemed to be pushing it towards the 95 price level. In Australia, no major economic data is scheduled. In the US, the pending home sales index, the “flash” services index and Dallas Federal Reserve index are all released.

USD/JPY is trading at 101.80 down 4 points as the yen gains a bit of momentum on safe haven trades as most market focus remains on the Ukraine, Gaza, Iraq and Libya. World violence and turmoil are keeping most traders out of the markets today. Israel renewed its operations in the Gaza Strip yesterday after a brief cease-fire called by the United Nations for humanitarian reasons ended as militants in the Hamas-controlled territory launched more rockets and mortars.

Gold recovered $2 as traders took advantage of depressed prices to buy up the commodity while the US dollar soared above the 81 price level. German business sentiment fell to its lowest level in nine months in July in a sign that firms in Europe’s largest economy are worried about the crises in Ukraine, Ir