FOREX News and Overnight Technical Levels - August 24th

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

  • [B]NZDUS[/B]D - The NZ trade deficit widened more than expected, as import growth accelerated while exports surprisingly dropped as the rapid appreciation of the New Zealand dollar made products from the country less attractive.
  • [B]USDJPY[/B] - Corporate services prices rose at a rate of 1.6 percent from last year - the fastest pace in more than 15 years - which could ramp up speclation of a hike by the Bank of Japan in September or October.
  • [B]GBPUSD[/B] - The final reading of Q2 UK GDP growth was unrevised, showing a 3.0 percent gain from last year led by private consumption. However, a drop in business investment led gross fixed capital formation sharply lower.
  • [B]DBS Group Holdings Ltd.[/B], Southeast Asia’s largest banking group by market capitalization, said it has more exposure to CDOs than previously reported, and the Singapore Exchange said it would investigate the matter.
  • [B]Home Depot Inc.[/B] was reportedly close to accepting $1.2 billion less for its wholesale distribution business in the sale to three private-equity firms, but there were still substantial doubts about whether the deal would close as three major banks continued to balk over the financing amidst the liquidty crunch.

-Terri Belkas, Currency Strategist