Hot Forex Weekly News
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At 2 Sept 2007 that the euro depreciated vis-à-vis the U.S. dollar last week as the single currency tested bids around the $1.3560 level and was capped around the $1.3720 level. The pair lost about 50 pips last week. FOMC policymakers reported a “policy response” may be necessary in their 7 August meeting minutes and were still concerned with inflation. Bernanke noted the Fed is “prepared to act as needed” but cautioned the Fed is not designed to bail out lenders and investors. President Bush unveiled a mortgage assistance plan for U.S. homeowners. ECB chief Trichet suggested the ECB will see how the financial markets crisis impacts the markets and then decide on rate hike this month as the ECB “does not precommit” to policy decisions. France ’s Sarkozy called on the ECB to not tighten credit.
Data released in the U.S. last week saw the August consumer confidence index fall to 105.0; the Richmond Fed August manufacturing index improved to +7; July existing home sales fell 0.2%; Q2 GDP expanded at an annualized 4% rate; weekly initials jobless claims were up 334,000; continuing jobless claims were up 13,000 top 2.579 million; the Q2 core PCE price index was revised lower to 1.3% from 1.4% and was down from 2.4% in Q1; the overall PCE price index was up a revised 4.2%; July personal income and spending were up 0.5% m/m and 0.4% m/m, respectively; July factory orders were up 3.7%; the August Chicago PMI survey improved to 53.8; and the August University of Michigan consumer sentiment index fell to 83.4 from 90.4.
Data released in the eurozone last week saw the German Ifo August business climate index receded to 105.8; the EMU-13 M3 money supply expanded 11.7% y/y, up from 10.9% y/y; the German GfK September consumer climate index fell to 7.6 from 8.5 in August; the EMU-13 August economic sentiment index moved lower; provisional August HIPC was up 1.8% y/y; EMU-13 July unemployment was unchanged at 6.9%; and German July retail sales were up 0.3% m/m and off 1.5% y/y.
Last week Analyzing:
At 2 Sept 2007 that the euro depreciated vis-à-vis the U.S. dollar last week as the single currency tested bids around the $1.3560 level and was capped around the $1.3720 level. The pair lost about 50 pips last week. FOMC policymakers reported a “policy response” may be necessary in their 7 August meeting minutes and were still concerned with inflation. Bernanke noted the Fed is “prepared to act as needed” but cautioned the Fed is not designed to bail out lenders and investors. President Bush unveiled a mortgage assistance plan for U.S. homeowners. ECB chief Trichet suggested the ECB will see how the financial markets crisis impacts the markets and then decide on rate hike this month as the ECB “does not precommit” to policy decisions. France ’s Sarkozy called on the ECB to not tighten credit.
Data released in the U.S. last week saw the August consumer confidence index fall to 105.0; the Richmond Fed August manufacturing index improved to +7; July existing home sales fell 0.2%; Q2 GDP expanded at an annualized 4% rate; weekly initials jobless claims were up 334,000; continuing jobless claims were up 13,000 top 2.579 million; the Q2 core PCE price index was revised lower to 1.3% from 1.4% and was down from 2.4% in Q1; the overall PCE price index was up a revised 4.2%; July personal income and spending were up 0.5% m/m and 0.4% m/m, respectively; July factory orders were up 3.7%; the August Chicago PMI survey improved to 53.8; and the August University of Michigan consumer sentiment index fell to 83.4 from 90.4.
Data released in the eurozone last week saw the German Ifo August business climate index receded to 105.8; the EMU-13 M3 money supply expanded 11.7% y/y, up from 10.9% y/y; the German GfK September consumer climate index fell to 7.6 from 8.5 in August; the EMU-13 August economic sentiment index moved lower; provisional August HIPC was up 1.8% y/y; EMU-13 July unemployment was unchanged at 6.9%; and German July retail sales were up 0.3% m/m and off 1.5% y/y.
Last week Analyzing:
- Last week’s high (1) was right at the 23.6% retracement of the 1.3261-1.3851 range.
- Last week’s low (2) was above the 50.0% retracement of the same range.
- The 1.3710/ 1.3840/ 1.3910/ 1.3970 levels represent upside resistance targets while the 1.3555/ 1.3421/ 1.3359/ 1.3302/ 1.3273 levels represent downside support targets.
AUDNZD Technical Fundamental
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