[B][U]Fundamental Headlines[/U][/B]
[B][U][/U][/B][I]• SEC Moves to Pull Plug On US Accounting Standards[/I] – Wall Street Journal
[I]• Gulf Coast Braces for a Bad Storm[/I] – Wall Street Journal
[I]• Fannie Mae Shakes Up Top Ranks[/I] – Financial Times
[I]• Natixis Posts Second-Quarter Loss on Writedowns[/I] – Bloomberg
[I]• Best Farm Economy Since 1970s Comes With Expense Risk[/I] – Bloomberg
· [B]GBPUSD -[/B] The U.K. CBI Distributive Trade report fell more than expected, hitting a new record low of -46 from -36 in July. The survey showed that orders fell to -56 from -37 in the previous month, while the sales component slid to -43, which was much larger than the fall to -37 expected by market participants. Heightened downside growth risks may lead the Bank of England to cut the benchmark interest rate ahead of schedule as the economy activity stalls, which may lead the GBPUSD to fall further. For more news and resources, visit our GBP/USD Forum.
· [B]EURUSD –[/B] German unemployment fell 40,000 in August, which was much larger than 10,000 decline expected by economist. The unemployment rate slip to a new record low of 7.6% from 7.8% in July. While the ILO unemployment index dipped to a six year low of 7.3% from a revised 7.4% reading in June. Amid the unexpected improvement in employment conditions, the retail PMI for German contracted for the third consecutive month, falling at its fastest pace in eight months. For more news and resources, visit our EUR/USD Forum.
· [B]USDCHF –[/B] Swiss employment rose to 2.4% in the second quarter, beating market expectations of a 2.1% as firms increased recruitment to meet foreign demands. The Swiss economy has experienced strong labor demands since the fourth quarter of 2003, but this may no longer be the case as the Swiss National Bank expects economic activity to slow in the coming months. The central bank expects growth to hold between 1.5% and 2% for the rest of year. For more news and resources, visit our Swiss franc Currency Room.
