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Currency Monitor 2012-05-08

May 8, 2012
  • Markets consolidate after the steep losses, with the S&P holding key support levels
  • U.S. consumer credit gains the most in a decade, which bodes well for domestic spending
  • German manufacturing and Spain's pledge to shore up its banks helps the EUR regain 1.30 level
  • Political risks abound as Greece struggles to form a government without anti-Europe parties
  • German and Italian local elections show a continued shift toward anti-austerity parties
  • Stronger retail sales help the AUD rebound, although today's budget is likely to be a negative
  • NZD fails to regain psychological 80 cents as the budget deficit widens more than expected
  • BOE decision unlikely to signal more easing, helping GBP extend gains against Europe
  • YEN retreats back as government officials start verbal intervention after the move through 80