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Weekly Fundamental News – May 12, 2014

Weekly Fundamental NewsHere are the noteworthy news releases for this week.

For Monday, US FOMC Member Charles Plosser will provide the welcoming remarks in the Reinventing Older Communities Conference in Philadelphia. The only NorAm session critical news is the US Federal Budget Balance.

For Tuesday, we will have Australia’s Home Loans and HPI; China’s Fixed Asset Investment, Retail Sales, and Industrial Production; Germany and Eurozone ZEW Economic Sentiment; US Retail Sales and Business Inventories.

For Wednesday, we will have RBNZ Governor Wheeler’s speech, RBNZ Financial Stability Report, and NZ Retail Sales; UK Claimant Count Change, Unemployment Rate, Average Earnings Index, BOE Inflation Report; Switzerland’s ZEW Economic Expectations; and US Mortgage Delinquencies and PPI.

For Thursday, we will have New Zealand’s Business NZ Manufacturing Index; Australia’s New Motor Vehicle Sales; Japan’s Tertiary Industry Activity, Preliminary Gross Domestic Product, Consumer Confidence, and BOJ Governor Kuroda’s speech; Switzerland’s PPI; Eurozone Consumer Price Index, Flash GDP, ECB Monthly Bulletin; Canada’s Manufacturing Sales; US Unemployment Claims, Empire State Manufacturing Index , CPI, Industrial Production, Philly Fed Manufacturing Index, and NAHB Housing Market Index.

For Friday, we will have Japan’s Revised Industrial Production; France Non-farm Payrolls (preliminary); Italy’s Trade Balance; Canada’s Foreign Securities Purchases; and US Housing Starts, Building Permits, and Preliminary University of Michigan Consumer Sentiment.

Weekly Technical Analysis: May 12, 2014


We saw intense price action and impressive reversal of fortunes for EURUSD last week after bulls failed to secure their position at the 1.4000 level. The pair dropped almost 250 pips on the last 2 days, strong enough to turn the tide against the bulls. Watch out for a potential attack on the 1.3650-1.3700 area early this week.


GBPUSD also suffered a significant decline last week. But unlike EURUSD, GBPUSD is in a better shape to continue marching higher. Buyers need to get price back up above the 1.6900 level and prevent further moves toward 1.6800 to keep the bullish momentum intact.


Despite the Dollar strength on Thursday and Friday, USDJPY is still mired in consolidation. Sellers are just a stone’s throw away from reaching new lows, particularly if they can make a dash through the nearly-flat ascending trendline on the Daily chart. 103 remains a key for the bulls.


NZDUSD mimicked the price action in GBPUSD as it slipped in the last three days of the week. For this week, Kiwi’s critical level is found at 0.8600 and buyers must prevent this from breaking. Beyond 0.8700, they would like to see 0.8800.


GBPJPY has been having a tough time finding a firm direction, as it ranges for the fourth consecutive week. Key resistance comes in at the 173.50-174 area, while support lies around 168-169.50.

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