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Fundamental Headlines
• USDJPY – Japanese exports unexpectedly grew as rising demand from China and Russia made up for declining U.S. sales. Exports rose 7.7% from December as demand for Japanese goods diversifies. This will give Mr. Fukui and the BoJ the ability to maintain their plan for slow measured growth. For more news and resources, visit the new Japanese Yen Currency Room.
• USDCHF – The Swiss trade surplus widened more than expected in January, as the balance rebounded to 1.22 billion francs from 0.2 billion francs in December. Demand in emerging markets like China is helping to offset declining orders from the Euro-zone. Swiss exports may only find limited support from Asia, which will eventually start to dent labor market conditions and domestic demand - a major contributor to the economy - which does not bode well for Swiss expansion this year. For more news and resources, visit the new Swiss Franc Currency Room.
• GBPUSD – Headline U.K. retail sales in January more than doubled expectations of 0.3% printing 0.8%, pulling the year over year figure up to 5.6%. This was the largest gain in 11 months as consumers increased spending in food, electronics and home goods. This will assuredly give the BoE breathing room to take a measured approach to cutting rates going forward. Will the BOE cut again in March? Discuss the topic and your trade ideas in the GBP/USD Forum.
• Fears of Stagflation Return As Price Increases Gain (link) – Wall Street Journal
• Lending Squeeze Hits Ailing Firms (link) – Wall Street Journal
• Fresh Credit Market Turmoil (link) – Financial Times
• Dresdner Rescues $19 Billion SIV, Follows Citigroup (link) – Bloomberg
• EU Predicts Weaker Growth, Higher Inflation in 2008 (link) – Bloomberg
• U.K. Retail Sales Rise the Most in 11 Months (link) – Bloomberg
Podcast by Terri Belkas, Currency Analyst, Forex Capital Markets LLC, DailyFX.com
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