[U][B] Fundamental Headlines[/B][/U]
• [B] USDJPY – [/B]Japan nationwide department stores sales fell 7.6 % in June after a 2.7 decline the month prior. It was the largest decline on record dating back to 1997. A 14.6% fall in clothing sales led the way, as consumers have tightened their wallets in the face of rising inflation and a slowing economy. Indeed, BoJ Governor stated that the central bank weighs downside risks to growth and upside risks to inflation equally, leaving the MPC with no policy direction. Discuss the topic and your trade ideas in the USD/JPY Forum
• [B]USDGBP[/B] – The U.K. M4 money supply increased 2%, which was five times estimates. Meanwhile, public sector net borrowing decreased to 9.2B from a revised 12.5B as credit markets remain sticky. The inability of borrowers to get mortgagees has continued to depress the housing sector, which has dragged the country to the brink of a recession. Discuss the topic and your trade ideas in the GBP/USD Forum.
• [B]EURUSD – [/B] The Euro-Zone trade balance turned to a deficit of 4.6 billion from a surplus of 2.5 billion as a strong Euro weighed on exports and rising oil prices saw the energy deficit climb to 99.7 billion. Meanwhile, German producer prices in June rose to 6.7%, the fastest pace in 26 years. Rising inflation continues to be a concern for the ECB, but the slowing growth in the region may prevent the central bank from further rate hikes. Discuss the topic and your trade ideas in the EUR/USD Forum.
• [I]FDIC Faces Mortgage Mess After Running Failed Bank[/I] (link) – Wall Street Journal
• [I]Banker Leaves Goldman Sachs to Aid Paulson[/I] ([link) – Wall Street Journal
• [I]Roche Launches $44bn Genetech Offer[/I] ([URL=“http://www.ft.com/cms/s/0/56b59ed0-5442-11dd-aa78-000077b07658.html?nclick_check=1”]link](Merrill Posts Another Loss; Write-Downs Keep Coming - WSJ)) – Financial Times
• [I]Freddie Mac May Slow Mortgage Buys to Prop Up Capital /I – Bloomberg
• [I]U.K. House Prices Drop Most since 2002, Rightmove Says[/I] (link) – Bloomberg
