USD weaker vs. EUR and JPY. AUD and GBP still not performing EUR and JPY going higher. Stocks slightly higher, but financials still under pressure. |
Overnight News Bullets - JN Convenience Store Sales YoY (Jul) out at 11.7% vs. 4.2% prior.
- UK BoE Minutes: 7-2 to maintain rates in Aug. 1 for cut. 1 for hike.
- EC Construction Orders MoM/YoY (Jun) out at -0.6%/-2.4% vs. -0.2%/-1.1% prior.
- US MBA Mortgage Applications out at -1.5% vs. -1.5% prior.
- CA Leading Indicators MoM (Jul) out at 0.0% vs. 0.1% expected.
- CA Retail Sales MoM (Jun) out at 0.5% as expected.
- CA Retail Sales Less Autos MoM (Jul) out at 1.4% vs. 0.6% expected.
- US DOE/API Energy Storage: Massive build in DOE Crude Oil (9390K), but massive draw in DOE Gasoline (-6202K).
- NZ Visitor Arrivals (Jul) out at 2.1% vs. -1.4% prior.
- JN Merchandise Trade Balance (Jul) out at Y91.1B vs. Y257.5B expected.
- AU New Motor Vehicle Sales MoM/YoY (Jul) out at -3.4%/-4.1% vs. 1.0%/1.4% prior.
- AU RBA Foreign Exchange Transactions (Jul) out at A$300M vs. A$875M prior.
- NZ Credit Card Spending YoY (Jul) out at 3.8% vs. 3.3% prior.
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O/N Data Heat map:| EU | US | JP | UK | SZ | AU | CA | NZ | NO | SE | FR | | - |
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Calendar
Today's Highlights: | Time (GMT) | Region | Release | Consensus | | 07:30 | GE | PMI Manufacturing (Aug) | 50.5 | | 07:30 | GE | PMI Services (Aug) | 52.1 | | 07:30 | SW | Unemployment Rate (Jul) | 5.9% | | 08:00 | NO | GDP (2Q) QoQ | 0.4% | | 08:00 | EC | PMI Manufacturing (Aug) | 47.0 | | 08:00 | EC | PMI Services (Aug) | 48.0 | | 08:00 | EC | PMI Composite (Aug) | 47.7 | | 08:30 | UK | Retail Sales (Jul) MOM/YoY | -0.2%/1.8% | | 08:30 | UK | Total Business Investment (2Q) QoQ/YoY | -0.7%/3.1% | | 09:00 | SZ | ZEW Survey (Expectations) (Aug) | -76.9 prior | | 11:00 | CA | Consumer Price Index (Jul) MoM/YoY | 0.4%/3.4% | | 11:00 | CA | Bank Canada CPI Core (Jul) MoM/YoY | 0.2%/1.6% | | 12:30 | US | Initial Jobless Claims (Aug 16) | 440K | | 12:30 | US | Continuing Claims (Aug 9) | 3405K | | 14:00 | US | Philadelphia Fed. (Aug) | -12.6 | | 14.00 | US | Leading Indicators (Jul) | -0.2% |
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This and Next Week’s Highlights:
| Date | Region | Release | | Aug 22 | EC | Current Account, Industrial New Orders | | Aug 22 | UK | GDP, Private Consumption, Government Spending | | Aug 22 | US | Fed’s Bernanke Speaks on Financial Stability at Jackson Hole | | Aug 25 | GE | Import Prices | | Aug 25 | SW | Trade Balance | | Aug 25 | US | Existing Home Sales |
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FX GBPUSD to break higher... |
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| EUR | USD | JPY | GBP | CHF | AUD | CAD | NZD | NOK | SEK | PLN |
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FX Trading Strategies
| Pair | Supp. | Resis. | Comments | | GBPUSD | 1.8510 | 1.8825 | With the recent rapid sell-off in the GBP, we look for a correction keeping the bearish outlook longer term with additional downside below support. With buying interest at the 50% fibo, we look for a break of trend, buying at 1.8682 bid, stop offer at 1.8660, targeting 1.8755 |
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Risk warning
Finexo Ltd. shall not be responsible for any loss arising from any investment based on any recommendation, forecast or other information herein contained. The contents of this publication should not be construed as an express or implied promise, guarantee or implication by Finexo that clients will profit from the strategies herein or that losses in connection therewith can or will be limited. Trades in accordance with the recommendations in an analysis especially leveraged investments such as foreign exchange trading and investment in derivatives can be very speculative and may result in losses as well as profits, in particular if the conditions mentioned in the analysis do not occur as anticipated.
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