[U][B]Fundamental Headlines[/B][/U]
• [I]Bernanke, Paulson Face Skeptics on the Hill Despite Dire Warnings[/I] – Wall Street Journal
• [I]FBI Investigates Four Firms at Heart of the Mess[/I] – Wall Street Journal
• [I]Hedge funds in fight to recover assets[/I] – Financial Times
• [I]Goldman Sachs Gains Backing From Buffett in $7.5 Billion Fundraising Plan[/I] – Bloomberg
• [I]Fed Arranges $30 Billion Swap Line With Australia, Norway, Denmark, Sweden[/I] – Bloomberg
• [B]GBPUSD [/B]– The CBI distributive trades survey improved to -27 from -46 due to the unexpected gain in retail spending during August. Meanwhile, the report showed that growth expectations for October improved to -30 from -42, which suggests that private-sector consumption may hold up amid the slowdown in the economy. However, the high level of volatility underlying the report could be somewhat misleading, especially since the economy is on the brink of a recession. For more news and resources, visit our GBP/USD Forum.
• [B]EURUSD [/B]– German business confidence slipped to a three year low of 92.9 from 94.8 in August as stalled growth heightened recessionary concerns for Europe’s largest economy. Meanwhile, business expectations declined to 86.5 from 87.0, which suggests that the economy may fall into a recession in the third quarter as firms continue to hold a dour outlook going forward. On a lighter note, the current account deficit for the Euro-Zone unexpectedly narrowed to 1.7B from 6.1B due to an increased surplus in services. Discuss the topic and your trade ideas in the EUR/USD Forum.
• [B]USDJPY [/B]– The BSI large manufacturing index ticked higher to -10.0 from -15.1, but continues to hold near a four year low as firms continue to face slowing demands amid higher input costs. Despite the improved sentiment, stagnant growth in the world’s second largest economy continues to fuel recessionary concerns, and suggests that growth will remain subdued for the rest of the year. For more news and resources, visit the new Japanese Yen Currency Room.
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Related Articles: [/B]
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