[B]Fundamental Headlines[/B]
[I]• U.S. Job Cuts Outpace GDP Fall – Wall Street Journal
• IMF’s China Report Urges Stimulus – Wall Street Journal
• Qatar set to inject €5bn ahead of VW deal – Financial Times
• Europe Stocks Poised for Biggest Second-Half Gain Since 2006, Analysts Say – Bloomberg
• CIT Chapter 11 Filing May Follow August Debt Swap Under Bondholder Plan – Bloomberg[/I]
[B]EURUSD[/B] – The Euro-Zone current account showed the deficit narrowing on a seasonal adjusted basis to -1.2 billion from -6.1 billion as a surplus in goods was generated. However, the unmodified figures showed the deficit widening to -13.0 billion from -9.4 billion as exports remain weak. Meanwhile, French business confidence rose for s fourth month to 78 from 77 on improving household demand. The region’s economy is showing signs of stabilizing but has yet to put forth evidence of sustainable growth which should keep the ECB on hold for the remainder of the year. Discuss the topic and your trade ideas in the EUR/USD Forum.
[B]GBPUSD[/B] – U.K. retail sales in June rose more than expected by 1.2% versus forecasts of 0.3%. A 4.7% jump in apparel sales helped reverse the 0.9% drop the month prior. A 1.6% gain in non-food stores is a sign that discretionary spending is improving which could lead to future domestic growth. Meanwhile, the BBA showed loans for home purchase rose to 35,325 which was the highest since March 2008. If the economy continues to show signs of improvement then we could see the BoE put an end to its quantitative easing program at its next policy meeting in August. Discuss the topic and your trade ideas in the GBP/USD Forum.