[B]Fundamental Headlines[/B]
[I]• Regulators to Examine Goldman Trade Tips – Wall Street Journal
• Mortgage approvals jump to 17-month high – U.K. Telegraph
• GM looks at shelving Opel plan – Financial Times
• U.S. Stock-Index Futures Advance; Lowe’s, General Electric Gain – Bloomberg
• Bernanke to Be Nominated for Second Term as Fed Chief – Bloomberg[/I]
[B]USDCHF[/B] – The UBS consumption indicator declined to 0.766 from 0.963 which was the second lowest level in the last four years. It is clear that rising unemployment is forcing consumers to retrench. Indeed, the Swiss 2Q employment level declined by 0.4% which surpassed estimates of -0.1% and was a complete reversal from the 0.8% gain in the prior three month period. The Swiss National bank is expected to maintain interest rates close to zero for the foreseeable future as they desire to depreciate the local currency in an effort to increase demand for exports. Discuss the topic and your trade ideas in the USD/CHF Forum.
[B]GBPUSD[/B] – The British Banker’s Association reported that loans or home purchases rose to 38,181 in July from 35,564 the month prior. However, credit card lending and personal loans declined raising concerns that banks are tightening their lending standards in other areas which could limit the scope of a recovery for the country. The BoE recently added £50 billion to their asset purchase program in an effort to provide liquidity to the marketplace. The central bank still see potential downside risks to the economy and has left the door open for more measures. Discuss the topic and your trade ideas in the GBP/USD Forum.