New Zealand show a decline to 0.6% in Retail Sales

Posted on Wednesday, August 24th, 2011 at 1:01 pm in Market View by superadmin.

Worldwide currencies to look out for

Retail Sales in New Zealand are expecting to show a decline to 0.6% in the second quarter from 0.9% previously and published at 11.45 pm this evening.
Eurozone Industrial New Orders are expected to show a decline to 11.9% on an annualised basis at 10 am today.
US MBA Mortgage approvals will give a indicators of how the US housing market is performing at 12.00 pm today.
US Durable Goods Orders are set to show a healthy rise to 2.1% is expected which could help the US dollar recover some of its recent losses, to be released at 1.30 pm today.

Worldwide News

Moody’s downgrade Japan from Aa3 from Aa2 but level outlook at stable.
EURUSD has a strong morning in the Asian heading towards 1.45 but falls as the European markets open as German IFO figures in all components drop below the consensus expectations.

In Germany, data showed output grew both in manufacturing & services but at the weakest rate for nearly two years.
Richmond Fed manufacturing data was worse than expected and New Home Sales fell more than expected which failed to bolster the USD
Investors count down the hours to the Jackson Hole speech on Friday where Ben Bernanke will address the pressing issues facing the USeconomy. Will there be further intervention and could this be the start of the QE3
Eurozone debt problems are still pressing as Finland threatens to withdraw from Greek bailout because of serious lack of collateral. Media suggests that other countries are looking at non cash assets for collateral such as property and land in Greece.

IN THE UK

Sterling makes gains against the US Dollar as it reacts positively to German manufacturing data.
Pound receives an unexpected boost from a better than expected UK manufacturing survey which reported an ease in inflationary pressures.
Manufacturers warned of tough times ahead due to market volatility & recalibration of growth expectations.
Positive GBP sentiment was also helped further by an unexpected increase in BBA mortgage approvals.
GBP/USD traded between the ranges of 1.6453 & 1.6572.

Key Support and Resistance Levels
	Support			Resistance
GBPUSD	1.6000	1.6110	1.6365	1.6550	1.6615	1.6750
GBPEUR	1.0929	1.1013	1.1261	1.1416	1.1561	1.1614
EURUSD	1.3910	1.4100	1.4280	1.4515	1.4550	1.4700