Forex Market Overview 15 August 2008
The Usd was slightly stronger in the Asian session, as commodities, specifically precious metals, weakened. The Gold fell below $800oz for the first time this year and silver followed right behind down a whopping -11.00%. The EurUsd slipped from 1.4803 to 1.4754, while UsdJpy trended higher from 109.57 to 110.34. The GbpUsd continued to come under selling pressure on the back of BoE inflation report, dropping steadily from 1.8710 to 1.8628. The commodity bloc gave up much of their gains over the past few days, with the AudUsd continuing to slide from 0.8732 to 0.8635. Wall Street closed higher yesterday and Asia regional indexes are all positive, with the exception of the Hang Seng down 0.84%. European stock futures are pointing to a higher opening.
In New Zealand, retail sales declined 1.5% q/q slightly better than the -1.8% expected fall. However, the drop was the largest on record and the second consecutive quarter of declines. The Nzd advanced on the news, but then reversed as the market released this figure just pointing to a continued economic weakness. We are still expecting the RBNZ to cut 25bp at the next meeting (in a string of cuts), which should continue to weigh on the Nzd sentiment
With no major events or data scheduled for European session, the market will have to wait for the US session. With Industrial Production, Capacity Utilization and Consumer confidence on the docket, the market will have their hands full. The Michigan confidence might have benefited from a modest recovery in equities and decline in gasoline prices. However, the housing markets will still weigh on the consumer.
AUDUSD
R 3: 0.8952
R 2: 0.8846
R 1: 0.8797
CURRENT: 0.8629
S 1: 0.8625
S 2: 0.8593
S 3: 0.8513
EURJPY
R 3: 165.59
R 2: 164.41
R 1: 163.88
CURRENT: 162.56
S 1: 162.01
S 2: 161.39
S 3: 160.14
USDSGD
R 3: 1.4265
R 2: 1.4219
R 1: 1.4159
CURRENT: 1.4164
S 1: 1.4025
S 2: 1.3891
S 3: 1.3819
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