[B]Fundamental Headlines[/B]
• [B]USDJPY [/B]– Japan’s annualized GDP grew 4% in the first quarter, surpassing initial estimates of 3.3%. The unexpected results were due to a 0.2% increase in business spending that was initially estimated to fall 0.9%. However, wholesale prices rose 4.7% - the fastest pace in 27 years. This combined with the recent 19th month low in household spending may signal declining growth going forward. For more news and resources, visit our Japanese Yen Currency Room.
• [B]AUDUSD [/B]– Australian consumer confidence fell 5.7% in June after a 2.7% increase the month prior. It was the lowest level in 16 years as rising fuel costs and 12 year high interest rates weighed on consumers. Continued growth and rising inflation may cause the RBA to hike rates at their next policy meeting. For more news and resources, visit our Australian Dollar Currency Room.
• [B]GBPUSD [/B]– U.K. unemployment rose in May to the highest level in seven months as jobless claims increased 9,000 to 819,300. This followed a revised jump of 11,200 claims in April, as companies continue to cut workers as growth in the country stalls. Meanwhile, the trade balance deficit grew to -£7594 from a revised -£7147 as a 3.7% increase in exports was outpaced by rising imports. The BoE has turned hawkish in the face of inflation rising to its 3% threshold, but the weakening economy may make it prohibitive for them to raise interest rates at their next meeting. Discuss the topic and your trade ideas in the GBP/USD Forum.
• [I] Inflation Bite Worsens Around The World[/I] (link) – Wall Street Journal
• [I]Energy Watchdog Sees Demand For Crude Slowing /I – Wall Street Journal
• [I] Markets Brace For Inflation Crackdown /I – Financial Times
• [I]Stark Says ECB Not Talking About Series Of Increases[/I] (link) – Bloomberg
• [I] German Wholesale Prices Rise The Fastest In 26 Years[/I] (link) – Bloomberg
