Forex - New Zealand Kiwi Falls Versus Euro [EUR/NZD]

10/23/2007 11:46:40 AM The New Zealand kiwi was weak in trading against the euro on Tuesday. The currency fell in the midday action to a mark of 1.89 against its European counterpart. Euro zone industrial new orders grew 0.3% on month in August, reversing a revised 2.6% fall in July. However, the number came in weaker than the expected 0.9% in August. The industrial new order index for July was revised from 4.0% decline estimated earlier. Excluding ships, railway and aerospace equipment, industrial new orders advanced 0.3%.


Forex - New Zealand Currency Choppy Versus Dollar [NZD/USD]

10/23/2007 11:45:15 AM The New Zealand currency was choppy against its American counterpart in trading in Tuesday's midday. The kiwi bounced between a high of 0.7563 and a low of 0.7496. The pair moved as no major economic reports were scheduled for release Tuesday from the US. Later in the week, a few reports on housing should generate interest. On Wednesday more information on the housing market in the form of existing home sales will be made public.


Forex - Sterling Skyrockets Versus Dollar, Yen As Global Stocks Bounce Back [GBP/USD]

10/23/2007 11:06:25 AM The sterling was broadly stronger against other major currencies Tuesday morning, racing higher versus the dollar to all but erase its losses from Monday's session.

The pound accelerated to the upside versus the dollar Tuesday morning, coming almost all the way back from Monday's dramatic plunge. With confidence restored in global equities markets, traders raced back into riskier higher yielding currencies.

The sterling rose to 2.05 versus its American counterpart by mid-morning Tuesday, a major improvement from Monday's low of 2.0257. A move above the 2.055 mark would bring the sterling to its highest point since late July.

The pound hit a 10-day best versus the euro in early dealing Tuesday, but pared its gains to trade at .6956 by mid-morning. The sterling failed to sustain its early advance to .6946, with traders weighing a slew of economic data from the Euro zone.

Euro zone industrial new orders growth fell to its lowest level since December 2006, official data showed Tuesday. The Eurostat said that industrial new order annual growth stood at 5.1% in August, smaller than the revised 12% rise in July. The number for July was revised up from 10.9% initially estimated. The number came in weaker than the expected annual growth of 6%.

French consumer spending growth accelerated in September from the prior year, official data showed Tuesday. The spending growth also topped expectations in September.

The sterling continued to move away from Monday morning's monthly low versus the yen, improving to 235.40 after pausing near 233 overnight.

Japan's September domestic shipments of consumer electronics products climbed 8 percent on year to 253.6 billion yen, according to data released Tuesday by the Electronics and Information Technology Industries Association.

The U.K.'s balance of firms reporting growth in total orders stood at 9% during three months to October 10, the latest quarterly Industrial Trends survey result of the Confederation of British Industry, or CBI, showed Tuesday. The report said that the balance improved from plus 7% recorded in July, however a slight slowdown was expected over the coming three months.