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Forex Morning Update: Dollar & Yen Weaker on Risk Appetite

by: ForexDistrict
The Dollar and Yen fell in the Asian session as signs the global recession is easing, prompted traders to take on higher risks. Economic data across the globe continues to point to stabilization with manufacturing and confidence numbers printing better than analysts expectations. However, as the markets continue to be driven by risk aversion/risk appetite flows, traders have to be alert of sudden directional moves.

This week will be very important as major economic releases are slated through out the week. Interest rate decisions, labor data, consumer spending, as well as housing numbers will be some of the key focal points of the week. Additionally, the results of the stress tests will be announced Thursday and expected to provide volatility through out the week as investors try to speculate the outcome. Earlier, retail sales out of Germany disappointed investors with a reading much worse than anticipated.

Consumer spending declined 1.0% in March, below analysts expectations of an unchanged reading. In real terms, retail sales in March 2009 declined 1.5% compared with the corresponding month in the previous year, data from the Federal Statics Office/Destatis showed Monday. Looking ahead, UK trading will be closed but traders, nevertheless, will keep an eye on the Pound as it nears the 1.50 level against the Dollar.

GBP/USD hasn't reached that level since April 16th and a continuation of risk appetite may help surpass the level during the week. Final readings of the manufacturing purchasing managers index out of France, Germany, Italy and the Euro area, will be released; as well as EuroZone's investor confidence numbers. No major impact is expected from these releases. In the U.S., pending home sales and construction spending will be key focus for the markets, as investors try to conclude if the worst of the housing slump is over. Pending home sales are anticipated to rise by 0.1%, while construction spending is expected to decline by 1.4%.

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