Fundamental Headlines
• USDJPY – Japan’s all industry index fell to 0.4% from 0.8% in April as slumping service and construction sectors outweighed a 2.6% gain in manufacturing. Meanwhile, supermarket sales fell 0.9% in June led by a 9.8% drop in clothing sales followed by 4.5% decline in household goods. Discuss the topic and your trade ideas in the USD/JPY Forum.
• EURUSD – Italian consumer confidence fell to 95.4, the lowest level since 1993. Record oil and foods costs have sapped consumer purchasing power in Europe’s fourth largest economy. Meanwhile, the Italian trade balance deficit widened to -2328 million as textile exports fell 9.6%. Discuss the topic and your trade ideas in the EUR/USD Forum.
• USDCHF – The Swiss trade balance surplus rose to a record high 2.41 billion francs in June. However, the positive differential was a result of declining imports surpassing falling exports. U.S. and U.K. demand for Swiss goods fell 8.1% and 12% respectively, as a strong franc made goods less competitive in those declining economies. The weakening consumption is also a problem, as consumers may be tightening their wallets more than anticipated, which could weigh further on domestic growth. For more news and resources, visit our Swiss Franc Dollar Currency Room.
• Icahn Ends Feud With Yahoo, Setting Up an Uneasy Truce (link) – Wall Street Journal
• Bernanke Disclosure Lists No-Frills Investments (link) – Wall Street Journal
• Fed Seems Focused on Inflation over Growth (link) – Financial Times
• European Stocks, U.S. Futures Drop; Ericsson, Vodafone Decline (link) – Bloomberg
• Fannie, Freddie May Record More Losses, Ofheo Says (link) – Bloomberg
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