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JPY Mid-day Analysis

The Yen remains pinned down near the recent lows and it seemingly remains in a downward bias on itscharts.

The Dollar is in vogue in the wake of weakness in other actively traded currencies.

The corrective action in the Canadian continues mostly because of residual influencesfrom the US Fed testimony.

The bull camp has to come away from the last 24 hours discouraged as UK data has remained strongenough to

Today’s minutes did not add much new information regarding the reasons for the rate decision.

EUR/USD has broken the support at 1.3576,confirming a bearish bias. A further short-termdecline towards the key support at 1.3503 islikely.

Chinese GDP numbers were slightly better than expected at 7.5% y/y in Q2 (Nordea: 7.4%; consensus: 7.4%; previous: 7.4%).

EUR/USD is targeting the low-1.35s now. EUR/GBP looks staged to seriously test trendline support at 0.7900.

Yesterday our focus was on a break of “101.56 to promote strength and a continuation to 101.86”.

The cross has continued to sell-off as laid out in the 7/1 update (“still room for lower…”).

Focus on central bank speeches with ECB’s Coeure and Fed’s Fisher but mostimportant will be Fed chair Yellen’s testimony.

The correction lower continued Tuesday with gold closing below the 100-DMA but finding support at the 55-DMA.