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Fundamental Headlines
• USDCHF – Conditions in the Swiss manufacturing sector unexpectedly improved during January, as SVME PMI rebounded to 61.6 from 60.8, as output surged amidst robust purchase quantities. The reading bodes well for the Swiss economy, as domestic and foreign demand may remain strong enough to keep expansion in the country resilient. For more news and resources, visit the new Swiss Franc Currency Room.
• GBPUSD – UK Manufacturing PMI fell to the lowest level since August 2005, with a breakdown of the number showing significant declines in output, employment and new orders. Only the price components, which compounds the issue of slowing growth vs. rising inflation for the BoE. Should the BoE cut next week? Discuss the topic and your trade ideas in the GBP/USD Forum.
• EURUSD – Growth in the European manufacturing sector accelerated faster than expected, as PMI rose to 52.8 from 52.6 on stronger output, new orders, employment and input prices. The news underpins the ECB’s case for leaving rates steady while other central banks cut, especially as inflation pressures continue to grow. Discuss this and other topics related to the Euro in our EUR/USD Forum.
• Microsoft Makes Bid for Yahoo (link) – Wall Street Journal
• Chinalco, Alcoa Buy Rio Tinto Stake (link) – Wall Street Journal
• OPEC Pins Hopes on US Soft Landing (link) – Wall Street Journal
• ECB's Garganas Says Inflation `a Major Concern', Ready to Act (link) – Bloomberg
• UK Manufacturing Growth Weakest Since August 2005 (link) – Bloomberg
• European Manufacturing Expands, Signaling Resilience (link) – Bloomberg
Podcast by Terri Belkas, Currency Analyst, Forex Capital Markets LLC, DailyFX.com
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