Consumer Confidence figures in the US

Posted on Tuesday, August 30th, 2011 at 4:18 pm in Market View by Compare Money Transfer.

Worldwide data to look out for

Consumer Confidence figures in the US are released with the markets expecting a dramatic fall to 52.2 from 59.5 as the struggling US economy begins to hit the consumer, figures released at 3.00pm this afternoon.
Minutes from the Fed’s August 9^th interest rate decision meeting are released.
Consumer Confidence figures in the UK are out. Overnight Gfk Consumer Confidence figures are expected to remain around the -30 mark.

ELSEWHERE

Initially on Friday the US dollar gained against sterling but later reverses gains moving from the low of $1.6207 to end trade near $1.6345.
US personal spending increases to 0.8% in July.
Relief that the damage inflicted by the recent hurricane on the US east coast was less serve then first expected, this provides a major boost for risk assets.
The Dow Jones rises 255 points to close at 11,539.
In the Eurozone Greece’s biggest banks Eurobank EFG and Alpha Bank have announced they are to merge, this is positive news for struggling Greece as the government have encourage banks to pool resources to help deal with the current debt crisis.

IN THE UK

Sterling loses ground across the board on Friday
The GBPEUR falls to €1.1260, the lowest level seen since August 10th.
The UK’s 2nd release of Q2 GDP figures was confirmed at 0.2%, overall matching consensus but with a slight downward revision to production industries offset by marginally stronger service sector growth.
The data did little to change investors overall view of the UK economy and the pound remains under pressure.
A slight relief to the pound this morning came in the form of Mortgage Approvals for July, the figure rose to 49.23k, above the consensus of 49k

Key Support and Resistance Levels
	Support			Resistance
GBPUSD	1.6093	1.6177	1.6230	1.6367	1.6451	1.6504
GBPEUR	1.1250	1.1282	1.1303	1.1356	1.1388	1.1409
EURUSD	1.4162	1.4243	1.4311	1.4460	1.4541	1.4609