The risk aversion sentiment has accelerated containing the markets following the falling of June personal income to 0.1% monthly revising down the figure of May to 0.2% from 0.3% while it was expected to be 0.3% and also monthly falling of US personal consumption expenditure by 0.2% while it was expected to rise by 0.2% in June with down revision of the figure of May from 0.2% to 0.1% in July.

These new dovish data about the US economy has supported the demand for the gold to reach a new all times high at 1641 per ounce recovering the falling to $1606 because of the reached deal between the republican party and the democratic party of cutting the US governmental spending by $2.1 trillions over the next 10 years for having an agreement for raising the US debt ceiling avoiding defaulting but the rising worries about the US growth outlook have come back supporting the gold following the falling of July US ISM manufacturing index to 50.9 while it was expected to be down to just 55.1 after rising in June to 55.3.

The markets are waiting for having more information about the US housing market today with the release of US housing starts of June which are expected to be 0.58M in June from 0.56 in May and also US building permits which are expected to be 0.61M in June from .612 in May while the equities markets seem to be rebounding this morning after strong selling in the recent days because of the markets growing worries about the US debt following warning of downgrading the US credit rating by S&P and Moody's last week without exceeding the $14.29 trillions ceiling of US debt which has been already reached on 16th of last May as what has been announced by the Timothy Geithner.

The US equities Markets came back under pressure after Bernanke's try to redirect the markets which cheered by the existing possibility of supporting the US economy by another quantitive easing plan as he said that can be on circumstances we do not face currently and he has added clearly that the fed is not ready to take such a step currently in his second day of hit semiannual testimony in front of the financial services committee on the house after saying the first day that everything should be on the table.

The greenback could be supported after these comments which hurt the risk apatite which has been pressure by another new warning of downgrading the US credit rating maintaining its negative outlook which has changed from stable in last April and this new warning came following Moody's warning of downgrading the US credit rating to contain the markets sentiment highlighting the risk of not raising the $14.29 trillion ceiling of US debt which has been already reached on 16th of May as what has been announced by the Timothy Geithner.

The sterling came under further pressure today following the release of June UK CPI which decreased to 4.2% yearly while the markets were waiting for 4.5% like April and May. The cable has reached today 1.578 after breaking 1.5911 yesterday and falling further can be met by supporting level at 1.5744 and breaking below it can lead to test 1.5342 whereas it could form its bottom to 1.6744 while going up from here now can be met by resistance at 1.614 can be followed by another resistance at 1.6261