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• Main theme driving the FX market: The greenback touched on a two-month peak this week, while the euro fell across the board following disappointing economic data from the 15-member bloc. Crude oil along with other commodities soared to new record highs boosting the Aussie’s appeal.
• Australian dollar: The Aussie rose to a two-month high against euro and was generally firmer across the board after much better than expected employment figures for April, combined with recent upside surprises to inflation figures suggested that Australian lending rates will likely remain at their lofty levels.
• New Zealand dollar: Data showing the steepest job loss in 20 years in the first quarter added to a growing list weak economic figures which have increased the chances of an RBNZ interest rate cut later this year. Soaring commodity prices failed to lift the kiwi from a 21-year low against the Aussie.
• U.S. dollar:The dollar hit a two-month peak against the euro and a nine-week high versus the Swiss franc after hawkish comments from a Fed official boosted the notion that U.S. lending rates have bottomed. Soaring oil prices and a still hawkish ECB capped its gains late in the week.
• Euro: Dismal euro zone services and retail sales figures along with soft German factory data played up concerns about the health of the economy and weighed on the outlook for steady ECB rates. President Trichet’s continued focus on inflation helped it pare its losses late in the week.
• Japanese yen: A volatile week for the yen saw it rise to a week and a half high against the greenback and a three-week high versus the euro. Tumbling global equities and the subsequent fall in risk appetite late in the week served to buoy the low yielding yen.

• Australia: This week’s relatively busy calendar brings key readings of Australian business and consumer confidence, as well as wage data for Q1. Upbeat economic figures would add to the Aussie’s resurgent tone and would likely bolster the notion that RBA lending rates are not likely to fall anytime soon. Further appreciation of commodity prices would boost the Aussie’s appeal.
• New Zealand: This week’s retail sales figures will headline an otherwise quiet economic calendar. Following last week’s dismal jobs figures, soft consumer spending data this week would add to the idea that a cooling domestic economy will likely lead the RBNZ to lower rates sooner rather than later.
• United States: Investors this week will look to reports on how U.S. consumers, are holding up in the face of tumbling home values, rising unemployment, months of financial market chaos and soaring food and energy prices. While retail sales and confidence data will provide the latest read on consumers, CPI figures will be closely watched for further signs of rising price pressures. The threat of rising inflation has added to the notion that the Fed is near the end of its eight month-long policy easing campaign, so hotter than expected CPI figures could prove to be dollar positive.
• Euro-zone: The advanced reading on the Q1 GDP will highlight this week’s data, which also includes key gauges of industrial production, inflation and trade. Recent downside surprises to euro zone economic figures have weighed on the ECB’s steady interest rate outlook, a long-time pillar of EUR strength. Soft data this week, in particular, cooler than expected inflation figures, could fan further talk of a possible interest rate cut by the ECB later this year and would likely weigh further on the single currency.
• Japan: The first glance at Japan’s Q1 GDP will illustrate how well the world’s second largest economy has held up in the face of months of credit market turmoil and cooling global demand for Japan’s exports. Machinery orders on Wednesday will also be closely watched.

The information contained herein is collected from sources believed by Ruesch International to be reliable, however, Ruesch International cannot guarantee it to be free from errors. The information presented on this page is not an offer to buy or sell any currency. Neither Ruesch nor your Ruesch representative receives remuneration for the provision of this information. Ruesch only benefits if you acquire a financial product from us. The financial advice contained herein is general advice and does not take into account your specific financial circumstances.