Swiss Investor Confidence Falls to Record Low; China's Growth Softens

[DailyFx]

Fundamental Headlines

• USDCHF – The Swiss July investor confidence survey fell to minus 769.9 from minus 63.8, which was the lowest on record. The center for European economic research survey which started in June 2006, showed that growth is waning as company profits fall. Rising costs have squeezed margins and eroded consumer’s purchasing power, as European exports are following declining U.S. sales. For more news and resources, visit our Swiss Franc Currency Room.
• EURUSD – European construction rose to 0.2 percent in May following a 0.6% decline the month prior. The indicator was helped by growth in Spain and the U.K. leading to Dutch builder Royal BAM Groep NV posting a first quarter profit. Nevertheless, fundamentals in the region are weakening signaling that a downturn may be imminent, which has reduced expectations of further rate hikes from the ECB. Discuss the topic and your trade ideas in the EUR/USD Forum.
• USDJPY – The Japan’s May leading index final reading improved to 92.9% from the preliminary 92.6%. The slight improvement from April’s 92.8 was based on an improvement to 10.5 from 5.4 in new machinery orders. However, consumer sentiment fell another 1.3 points which may signal that domestic growth is weakening. Discuss the topic and your trade ideas in the USD/JPY Forum.

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• UBS Used ‘Cloak of Secrecy’ on US Tax (link) – Financial Times
• China’s Economic Growth Cools to Slowest Since 2005 (link) – Bloomberg
• Petrobras Submits Counter Offer to Brazil Oil Union (link) – Bloomberg