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Monday May 31, 2010 - 04:40:30 GMT
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ImperialFXonline : Daily FX Market ReviewSpain credit ratings downgrade hurts euroThe euro declined on Friday, pressured by a ratings downgrade of Spain by Fitch ratings agency, who reduced the debt rating to AA+ from AAA, citing the effect of proposed austerity measures on the nation's economic recovery. The single currency was down around 0.7 percent against the dollar and yen at 1.2270 and 111.70 respectively.Trading volume was subdued ahead of the long weekend holiday in the U.S. but there were some choppy moves as currencies initially rose against the greenback on early gains in the Asian and European stock markets, however, the greenback and yen were able to climb towards the end of the New York session as the theme of risk aversion returned, with the Japanese currency rising 0.7 percent and 0.5 percent respectively against the sterling and New Zealand dollar.Data out of the U.S. was mixed, with personal income and spending matching predictions and the Chicago PMI falling by more than expected from 63.8 to 59.7. The University of Michigan consumer sentiment index for May was revised upwards to 73.6 from 73.3 but stock markets in the U.S. ended the day down around one percent. Spot gold maintained a somewhat firm foothold, trading above the $1210 level on buying interest from the flight to safety.Join Us and Strategize your FX Strategywww.imperialfxonline.com
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Wed 18 Oct /ul>
12:30 US- Housing Starts & Permits
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- POTENTIAL PRICE RISK: HIGH Tue-- 08:30 GMT GB- CPI top tier confirmation of Inflation.
- POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT DE- ZEW Survey second most important German monthly Survey.
- POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT EZ- final HICP revision to flash report. Revisions are usually minor.
- POTENTIAL PRICE RISK: Medium Tue-- 13:15 GMT US- Industrial Production. Top output indicator.
- POTENTIAL PRICE RISK: Medium Wed-- 12:30 GMT US- Housing Starts and Permits revision to flash report. Useful housing leading indicator.
- POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top WTI inventory measure.
- POTENTIAL PRICE RISK: Medium Thu-- 01:30 GMT AU- Employment. Top economic indicator.
- POTENTIAL PRICE RISK: Medium Thu-- 02:00 GMT CN- GDP. Top economic indicator.
- POTENTIAL PRICE RISK: HIGH Thu-- 08:30 GMT GB- Retail Sales. Top consumption indicator.
- POTENTIAL PRICE RISK: Medium Thu-- 12:30 GMT US- Weekly Jobless. Employment Indicator.
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