Fundamental Headlines
• USDJPY –Japanese machine orders fell 8.3% in March following a 12.3% decline the month prior. Companies have cut capital spending as a U.S. slowdown and a strong Yen continue to squeeze profits. Meanwhile, Tokyo condominium sales fell 29.7% for the eighth straight month. Discuss the topic and your trade ideas in the USD/JPY Forum.
• NZDUSD – New Zealand retail sales fell 1.2% against expectations of a 0.4% decline, as record interest rates and inflation have curbed consumer spending. Automobile and appliance sales were hit the hardest as consumer reined in their discretionary spending. The RBNZ is expected to keep rates unchanged in the near term as inflation concerns remain. For more news and resources, visit our New Zealand Dollar Currency Room.
• EURUSD – European growth accelerated faster than expected at 0.7% against expectations of 0.5%. Germany’s 1.5% gain offset slowdowns in Spain and Italy. Also, Inflation eased in the region from 3.6% to 3.3% with core price unexpectedly slowing to 1.6% from 2.0% in April. The data justifies the ECB current monetary policy of keeping rates unchanged, but if growth in more countries slow, leaders will call for future rate cuts Discuss the topic and your trade ideas in the EUR/USD Forum.
• Fed Balance Sheet Worries Volker (link) – Wall Street Journal
• Is Debt Thaw On Borrowed Time (link) – Wall Street Journal
• Signs Of An End To Soaring Food Prices (link) – Financial Times
• European Expansion Accelerates More Than Forecast (link) – Bloomberg
• General Electric To Shed Appliance Unit, People Say (link) – Bloomberg
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