US SUMMARY FOR LAST WEEK

Lets Give you Some Refreshement of Last week .


USD stayed depressed Friday, losing more ground vs majors as investors continued to wonder about Fed's next decision on rates; double shot of Bernanke over week, FOMC June minutes, left many in market uncertain about chance of August hike.

USD/JPY supported by general yen weakness but EUR remained solid;

EUR/USD at 1.2695 late vs 1.2642 Thursday, USD/JPY 116.20 vs 116.80,

EUR/JPY 147.50 vs 147.67. The dollar is still under pressure because of the big change in expectations on Fed's next move, we're moving to mid-range levels against the majors but we could probably move into a lower range for USD. No major data out.

Stocks pitched lower as warning from Dell stocked concerns about slowing economy, overshadowed upbeat news from Microsoft;

DJIA off 0.6% (+1.2% for week),
Nasdaq off 0.9% (off 0.8% for week),
Philly semicons off 4.8%.

Treasurys dropped back after several days of good gains;
10-year at 100 19/32, down 4/32 to yield 5.05%.

August Comex gold off $12.30 at $620.20/oz as funds sold despite weaker USD;

September Nymex crude +16 cents at $74.43/bbl with traders reluctant to sell amid possibility of Israeli ground invasion of Lebanon.