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Foreign Exchange Daily News Monday 20th August, 2012

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The trading week began on a quiet note, with the US Dollar little-changed against its top counterparts. The Australian Dollar has narrowly outperformed in what appeared to be a correction after a Treasury report released on Friday stocked intervention fears and sparked aggressive selling.
As the UK outlook continues to look bleak we saw a glimmer of light on Friday with UK Retail Sales impressing coming in above expectations at .03% growth against the expected -0.1% drop in sales in July from June and compared to last July 2011 retail figure came in at 2.8%, double the consensus of 1.4%.
The EUR/USD rose and stopped just short of 1.2350. Possible resistance by the two week falling trend line, which is currently at 1.2365.
Overnight the USD/JPY has performed a range of 28 pips so far on the day, with a low at 79.39 as the week started and a high at 79.66 little after.
The GBPUSD rises above 1.5700. Possible resistance at 1.5740, by the two week rising trend line.
The single currency index rose on Monday, extending the previous week’s gains amid speculations the European Central Bank considers setting yield limits on each country’s debt.

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