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Video for April 28th, 2008 (3 min 26 sec): Light Day for Fundamentals; Pound, Aussie and Loonie Gain on Greenback  

JPN Retail Sales Increase 1.1%, on Higher Fuel Costs

Japanese retail sales increased 1.1% in March, mostly on a rise in spending on gasoline as a result of higher prices. The data suggests that spending by consumers is not as weak as recent consumer confidence data implied it might be. Still March's total was lower than in February.  

GER Consumer Confidence Surprises on Upside

In Germany, higher incomes increased consumer spending and helped boost consumer confidence. The GfK index rose to 5.9, surpassing expectations on the upside. Despite higher inflation and a weakening economy, consumers were much more upbeat in April.

GBP/USD - Pound Continues its Climb From Friday's Low

 

The Pound rose on the Dollar to start the week. The pair is up 250 pips from its low near 1.97 set last Friday. Risk appetite for higher yielding currencies, such as the Pound may have increased over the weekend as there are signs the worst problems of the credit crisis have been exposed and written onto companies balance sheets.

AUD/USD - Aussie Gains as Commodity Prices Increase

 

Commodity prices increased, helping to boost the Australian and New Zealand Dollars. The Aussie rebounded from its low last Friday vs. the greenback, and was up 100 pips since falling sharply at the end of last week.

USD/CAD - Greenback Pares Earlier Losses

 

The Canadian Dollar started the week stronger vs. the US Dollar as well, but those gains were pared down in a 100 pip move in the greenback's favor in overnight trading. At around 11:30 EST the US Dollar-Canadian Dollar pair set a session high and again began falling in the Loonie's favor.

Upcoming Releases

Tonight, New Zealand will reveal trade balance data and Australia will post a measure of business confidence. Overnight, the UK releases data on consumer and mortgage lending. Tomorrow morning the US will reveal reports on housing prices and consumer confidence.