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GBP/USD holds gains but upside seen limited

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Friday, 29 August 2014 22:38

The pound held gains against the U.S. dollar on Friday, but sterling's upside was expected to remain limited as strong U.S. consumer sentiment data added further support for the greenback.

GBP/USD hit 1.6608 during U.S. morning trade, the session high; the pair subsequently consolidated at 1.6604, up 0.11%.

Cable was likely to find support at 1.6537, the low of August 27 and a five-month low and resistance at 1.6679, the high of August 20.

The University of Michigan said its consumer sentiment index was revised to 82.5 this month, up from a preliminary reading of 79.2, exceeding expectations for a reading of 80.1.

 
 

End-August Reuters/Mich Sentiment Rises to 82.5, Above Expectations

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Friday, 29 August 2014 21:21

U.S. consumers are feeling better about the economy's future, according to a survey of households released Friday.
  The Thomson-Reuters/University of Michigan final-August sentiment index increased to 82.5 from a preliminary reading of 79.2 and the final July reading of 81.8, according to a source who has seen the numbers.
  The final-August reading is above the 80.2 reading expected by economists surveyed by The Wall Street Journal.
  The final-August expectations index rebounded to 71.3 after it fell sharply to 66.2 in early August from a final July reading of 71.8.
  Consumers are equally upbeat about the current economy. This month's final current conditions index edged up to 99.8 from the preliminary level of 99.6 and a final July level of 97.4.

 
 

EUR/USD almost unchanged after U.S. personal spending data

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Friday, 29 August 2014 20:38

The euro was almost unchanged against the U.S. dollar on Friday, as the greenback shrugged off disappointing U.S. personal spending data and markets awaited upcoming reports on Chicago manufacturing activity and U.S. consumer sentiment.

EUR/USD hit 1.3196 during European afternoon trade, the session high; the pair subsequently consolidated at 1.3177, inching up 0.05%.

 
   

U.S. Consumer Spending Declines 0.1% in July

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Friday, 29 August 2014 19:57

*DJ US Personal Income +0.2% In Jul; Consensus +0.3%
*DJ US Personal Spending -0.1% In Jul; Consensus +0.1%
*DJ Jul PCE Core Price Index +0.1% Rate On Mo; +1.5% On Yr
*DJ Jul PCE Price Index +0.1% Rate On Mo; +1.6% On Yr
*DJ Jun Personal Income Revised To +0.5% From +0.4%
*DJ Jun Spending Unrevised At +0.4%

Household spending fell in July, a sign that cautious consumers could hold back economic growth in the second half of the year.
  Personal spending, which measures what Americans pay for everything from sneakers to doctor visits, declined a seasonally adjusted 0.1% in July from a month earlier, the Commerce Department said Friday. It was the first time spending fell for a month since January.  In June, consumer spending advanced 0.4%.
  Personal income, reflecting income from wages, investment, and government aid, rose 0.2% in July--the smallest monthly increase of the year. Income rose a revised 0.5% the prior month, up from an initial reported 0.4% gain.

 
 

NZD/USD: Kiwi slides on softer business confidence

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Friday, 29 August 2014 10:40

The so-called kiwi dollar lost more than 20 pips against the greenback on Friday, shortly after a survey revealed thatbusinessconfidence levels had been hit hard in August.

The NZD/USD pair was seen trading 0.19% lower at $0.8363 as of 1:56am GMT on Friday, down from $0.8375 before the survey results were released at 1:00am GMT. The kiwi fell as low as $0.8356 after the release.

The ANZ Business Outlook Survey of 1,500 businesses showed a net 24.4% were confident about the outlook for their business and the economy in August, that's down from 39.7% a month earlier, and marks the sixth-consecutive month of decline in net-confidence.

According to the survey results businesses are expecting lower profits and sales ahead, and employment intentions have eased.

"The economy is clearly past its growth peak," ANZ chief economist Cameron Bagrie said on Friday."Dairy prices are well down from their turbo-charged highs, the NZD is still elevated, house prices have started to go backwards (quarter on quarter), and the Official Cash Rate is 100 basis points higher than at the start of the year."

 
   

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