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Fundamental Headlines
• USDJPY – Japan’s current account surplus narrowed for the first time in a year as exports slowed and higher oil raised imports. The surplus decreased by 4.7 percent to 1.69 trillion yen, as the demand from China was unable to offset the U.S. slowdown. For more news and resources, visit the new Japanese Yen Currency Room.
• GBPUSD – The Bank of England’s Quarterly Inflation Report did reflect a reduction in the bank’s growth forecast and the underlying sentiment of the release suggested that future rate cuts may come at a more leisurely rate. Indeed, the report said that CPI would overshoot the BOE’s 2 percent target based on expectations that the overnight lending rate would be cut by an additional 75bp to 4.50 percent by the end of the year, suggesting that Governor King is only prepared to implement one or two more rate cuts of 25bp , neither of which are likely in March. Discuss the topic and your trade ideas in the GBP/USD Forum.
• EURUSD – European industrial production dropped 0.2 percent in December, as slowing global economic growth reduced orders for manufacturer’s products. Economic expansion is cooling as a strong Euro is making exports less competitive. Discuss the topic and your trade ideas in the EUR/USD Forum.
• 3 More Big Wins For Obama (link) – Wall Street Journal
• Writers Vote to End Their Walkout (link) – Wall Street Journal
• Paulson Launches Subprime Mortgage Lifeline (link) – Financial Times
• Buffet Bond Plan Put Heat on Banks (link) – Financial Times
• Bank of England Indicates Scope For Rate Cuts Limited (link) – Bloomberg
• Global Confidence Weakens for Third Month as Slowdown Spreads (link) – Bloomberg
Podcast by Terri Belkas, Currency Analyst, Forex Capital Markets LLC, DailyFX.com
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