Forex News Preview: August 5th Asian Session

Tuesday, August 5th 2008

7:01 PM EDT   GBP   Nationwide Consumer Confidence     Forecast 69     Prior 63

7:01 PM EDT   GBP   NIESR GDP Estimate   Prior   +0.2%

9:30 PM EDT   AUD   Home Loans m/m        Forecast -2.1%   Prior -7.9%

The GBP Consumer confidence number is a leading indicator of consumer spending, which is closely tied to economic activity.  It is derived from a survey of about 1,000 consumers, that askss them to rate the relative level of current and future economic conditions.  A positive number over the forecast could bode well for GBP

The GBP NIESR GDP estimate is a forecast of GDP data on a monthly basis to predict the quarterly government release.

The AUD Home Loans economic release measures the number of commitments for owner occupied home financing. A rising trend has a positive effect on the nation's currency because large purchases tend to be made by consumers that are optimistic and confident in their financial position. Additionally, consumer borrowing has a high degree of historical correlation with consumer spending, which is a major driver of the overall economy.