This morning, once again its commodities and commodity related currencies that are at the forefront of early movements. HSBC Flash manufacturing PMI data for China this implied a contraction in output. This is bad news for commodities and commodity producing currencies.
The Australian and New Zealand dollars are leading the early fallers. The AUD/JPY is down 0.67%, the AUD/USD down 0.46% with the NZD/USD off by 0.35%. The euro appears to be on a different trajectory however, with the EUR/USD recovering well from the previous days lows.
This morning, once again its commodities and commodity related currencies that are at the forefront of early movements. HSBC Flash manufacturing PMI data for China this implied a contraction in output. This is bad news for commodities and commodity producing currencies.
The Australian and New Zealand dollars are leading the early fallers. The AUD/JPY is down 0.67%, the AUD/USD down 0.46% with the NZD/USD off by 0.35%. The euro appears to be on a different trajectory however, with the EUR/USD recovering well from the previous days lows.
Coming up today, we have a series of European manufacturing and services data points starting with French data at 08.00, German at 08.30 and Europe wide at 09.00. UK retail sales are released at 09.30 with a drop in sales expected. Canadian retail sales are released at 12.30. US unemployment claims follow at 12.30 with no real significant change expected. At 16.00 ECB president Draghi speaks at a press conference for the European Systemic Risk Board. US Fed chairman Bernanke speaks at 16.45.
In late 2011, the NZD/USD was a highly strong trend following pair, but 2012 has been a different story since January. This week however, we have the makings of a strong trend and if the support levels around 80.50 give way, there could be some more downside to come. A good way to play this on BetOnMarkets.com might be a LOWER trade predicting that the NZD/ USD closes below 0.8050 in 5 days time for a potential return of 133%.
Get this trade now: http://goo.gl/Z1Dr0