- The Euro strengthened to a two year high, and has now held above the $1.15 mark. This was despite assurances from ECB President Mario Draghi that the central bank is in no rush to rein in quantitative easing just yet. The Dollar index (which measures the US Dollar against a basket of currencies) declined to a 10 month low last week, as the political furore in the US over the Healthcare Bill and the Russian investigation continued unabated.
- With roughly 20% of the S&P 500 reporting by the end of last week over three quarters of firms had exceeded bottom-line expectations, with the Tech and Financials sectors helping to lead the way.
- On the economic data front, the US Conference Board’s index of leading economic indicators increased in June for the sixth consecutive month, whilst US Housing starts also saw encouraging numbers.