FX News and Technical Levels at a Glance (May 8)

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EUR - Europe

  • German Industrial  Production for March dips 0.1 percent month over month.  Comparatively, the year over year figure  rose to 7.7 percent, lower than expected.

AUD and NZD - Commodity Dollars

  • Australian March retail  sales rises 1.1 percent on the month over month assessment.  The figure comes in stronger than  expected and supports rate hike speculation.
  • March building  approvals for the Australian economy declines lower than expected, print -11.4  percent on the month over month, and -9.6 percent on the annualized comparison.   Counters previously released retail  sales growth.
  • IMF Comments that  New  Zealand growth will be maintained below  potential until 2009.  Added that  the current exchange rate is well above the long run average, may be subject to  sharp fall on carry unwinding.

Yuan - China

  • China second quarter gross  domestic product seen rising 10.8 percent on the year on year.  Consumer prices expected to remain well  above the 3 percent mark.

Watch Out For?.

British Pound consolidates at the 1.9915 (100 hMA) figure ahead of the BRC tonight.

Euro consolidating after the drop through 1.3600 in the London session. Now consolidating ahead of the 1.3550 figure.

Japanese yen breaks down in the overnight, looks to formidably test the 119.50 figure.