Market Update 2014 July – week 3

The biggest market moves surprisingly occurred last Thursday, not as expected on the Wednesday with the high impact Federal Open Market Committee meeting minutes. The euro snapped a three-day climb versus the dollar as missed debt payments of a Portuguese bank raised concern the region’s economy remains vulnerable to shocks as it emerges from the sovereign-debt crisis.

Japan’s currency advanced against all of its 16 major counterparts on investors’ demand for safer assets, and after the Federal Reserve’s minutes yesterday boosted speculation that U.S. interest rates will remain near zero this year. Australia’s dollar retreated from the highest in a week after the nation’s jobless rate climbed and imports by China grew slower than economists forecast. Stocks also fell and U.S. Treasuries gained.