Irish Bank Lending Continued To Decline In July

Bank lending to Irish businesses and home owners fell in July for the fifth straight month, indicating that the economy has far to go before it will emerge from the sharpest downturn in the nation's history.

The Central Bank and Financial Services Authority of Ireland Monday said the total value of loans outstanding to the private sector fell by EUR3.7 billion from June, having fallen by EUR1.4 billion in that month. Much of the decline reflected write-downs of loans, although even without changes in the valuation of existing credits, lending fell on the month.

As a result, lending was down 2.2% from July 2008. In June, lending was down 0.7% from the corresponding month a year earlier, the first time an annualized fall has been recorded during the current financial crisis. In the boom years running up to the start of the global credit crunch in late 2007, the annual rate of growth in loans to the private sector regularly exceeded 20%.

The decline in outstanding credit during July was largely due to a EUR2.1 billion drop in the value of loans to non-financial corporations. Much of that reflected write-downs, although the underlying stock of loans also fell.

Loans outstanding to households fell by EUR404 million, with mortgage loans down EUR71 million, the fourth straight month of decline.


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Dollar-Euro Forex Analysis for Forex Traders

Friday corrected a major portion of the move up on Thursday, and early trading this week has been mixed forming a range.

Minor resistance has formed at 1.4310 with further resistance at 1.4320. A climb above will likely target 1.4350 followed by 1.4380 and 1.4400-1.4410.

Support is 1.4290, 1.4280 with a break below heading for 1.4250 and (if needed) 1.4220-1.4210.

False breakout are likely in this current climate.

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USD - JPY Forex Analysis for Forex Trading

friday trading has sent the USD lower and below support at 93.20 and 93.00. These levels will now provide resistance on the upside and a push above is likely to test 94. A rise above 94 (unlikely today) warns of a bear trap.

The breakout lower has a target of 92.20. Further support is in the 91.80 register.

By Cory Mitchell at ForexPros. com. For more details about Forex Trading and Tips for decent earnings through Forex Trading, Please check Forexpros. com