Weekly Outlook – 13th August 2012

August 13, 2012

General Commentary

Last week’s currency trading review

The EUR/USD struggled last week giving up gains from above 1.2400 as it became evident nothing was going to happen right away in regards to ECB buying Spanish bonds. Also delayed was the decision on Greece with the troika report expected to come in October now. Still yields on Spanish and Italian bonds did fall and this is helping to keep markets calmer. A lot of European and US traders are away on Summer Holidays during this period and markets could be quieter than usual this week because of this.

The AUD/USD hit fresh multi-month highs last week after the RBA held rates at 3.5% and Unemployment came in stronger than expected at +14k vs. -29k previously. The pair did not hold above the 1.0600 figure though with some heavy selling on Friday back to 1.0500 after China Trade Figures disappointed. The market may not continue to sell however with bad Chinese data seen as forcing the Chinese Government to announce fresh stimulus measures and this will help risk appetite remain strong.

Currency Movement last week

EUR/USD was down -0.78% closing at 1.2289, after opening the week at 1.2385.

USD/JPY was down -0.26% closing at 78.25, after opening at 78.45.

GBP/USD was up +0.32% closing at 1.5684 after opening at 1.5634.

AUD/USD was up +0.15% closing at 1.0575 after opening at 1.0559.

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