Intra-day Market Moving News and Views
24 Aug 2015 00:45GMT
EUR/USD - .... Euro pares Friday's spectacular gain after rallying from 1.1241 (Europe) to as high as 1.1389 near NY close as sell-off in global stocks (Dow suffered its largest 1-day decline in nearly 4 years n closed near the day's low) had prompted more unwinding of previously established short euro positions.
The single currency climbed marginally to a 2-month high of 1.1395 as intra-day cross-inspired selloff in dlr/yen n commodity currencies sparked off a fresh round of USD's broad-based weakness.
However, lack of follow-through buying quickly pushed price lower to 1.1370 at Asian open.
As euro was the strongest ccy vs its G7 peers on Friday, this tend is expected to continue in Monday trading, so buying the pair on intra-day retreat in anticipation of a resumption of recent up-move is the way to go. Buying interest is noted at 1.1360-50 and more below with stops touted below 1.1300, some offers are tipped at 1.1390/00.
The only economic releases are Germany Jul import price index and industrial production at 06:00GMT.
So best to pay attention to performance of Asian & European bourses as further weakness (2% plus) is likely to trigger more euro buying.
Data to be released this week:
Japan leading indicators, and Germany import price on Monday. In addition, Federal Reserve Bank of Atlanta President Dennis Lockhart will speak on "Pensions and Economy" before the 2015 Public Pension Funding Forum co-hosted by the National Conference On Public Employee Retirement System.
Germany GDP, Ifo reports, UK BBA mortgage approvals, U.S. existing home sales, consumer confidence, new home sales and Redbook on Tuesday.
New Zealand trade balance, Australia CB leading indicator, UK nationwide house prices, CBI distributive trades, and U.S. durable goods orders on Wednesday.
Australia building capex, capital expenditure, France business climate, Switzerland industrial orders, and U.S. pending home sales on Thursday.
UK Gfk consumer confidence, Japan all household spending, CPI, retail sales, Switzerland GDP, France producer prices, Italy business confidence, consumer confidence, U.K. GDP (second release), Italy wage inflation, euro zone business climate, consumer inflation expectation, economic sentiment, industrial sentiment, Germany CPI, HICP, Canada producer prices, and U.S. consumption, PCE, personal income, personal consumption, on Friday.
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