Due for release today there are the GBP GDP, GBP Private Consumption, GBP Government Spending, GBP Exports, Euro-zone Consumer Confidence, USD Personal Income, USD Michigan Confidence.
Aug 28
The US dollar rose after the U.S. economy contracted by one percent in the second quarter showing signs of stabilization. However the dollar is weaker this morning. JPY/USD is up this morning currently at 93.83.The Japanese yen gained as falling U.S. stocks increased demand for currency safety. Euro/USD is down this morning at 1.4337 currently. The euro softened after European retail sales fell in August as rising unemployment curbed consumer spending. The Eurozone jobless rate rose to a 10-year high of 9.4 percent and may reach 11.5 percent in 2010. The economy is expected to return to growth in the middle of 2010 after contracting close to 4.6 percent this year. The British pound was knocked lower after both weaker than expected business investment and consumer spending provided evidence the UK is still in recession mode. However Sterling has opened, up this morning and being pulled down bouncing around it’s open at 1.6279.The Canadian dollar is trading steady after giving back gains as crude oil and stocks fell. The Australian and New Zealand dollar fell for the third day against the US dollar on concerns of investment restrictions in China.
