FOREX News and Overnight Technical Levels - August 22nd

[B][U]Fundamental Headlines[/U][/B]

  • [B]AUDUSD[/B] - Westpac leading index rises by 1 percent. Bullish for the Australian dollar, the survey improves upon the 0.2 month over month result in May.
  • [B]USDJPY[/B] - Merchandise trade surplus narrows to Y671.2 billion versus consensus expectations of a Y844 billion report. Higher import demand offset growing export figures in producing the lower figure.
  • [B]GBPUSD[/B] - UK August CBI manufacturing survey rises to +9 from the previous -6 reading. The highest since 1985, the figure shows continued strength in the underlying sector and boosts interest rate speculation.
  • [B]EURUSD[/B] - Eurozone June current account rises to 5.9 billion versus a previous drop of 7.8 billion. The positive news couples with June industrial new orders which printed higher than expected.
  • [B]IMF[/B] warned in the overnight that there are risks to global growth as a result of recent market declines.
  • [B]US [/B]ABC consumer confidence index declines to -20 for the week as confidence in the economy looks to be slipping. Mortgage applications additionally dropped.

-Richard Lee, Currency Strategist