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- Nov, 19 U.K. Budget Deficit Remains At Concerning Levels
- Nov, 18 Canadian Inflation Postive For First Time In Five Months, Will BoC Remain On Hold?
- Nov, 17 A Rise in U.K. Inflation May Not Deter BoE From Additional QE
- Nov, 16 Euro-Zone Inflation Continues To Decline Leaving ECB on Hold
- Nov, 13 Euro-Zone Emerges From Reccesion Led By Germany, Broader Weakness Remains A Concern
- Nov, 12 European Industrial Production Gains For Fifth Month, But Shows Signs Of Slowing
- Nov, 11 U.K. Labor Market Improving, But BoE Remains On Alert With Recovery On Hard Path
- Nov, 10 German Investor Confidence Drops As Stimulus Efforts Come To An End
- Nov, 09 German Output and Exports Surge Fueling Optimism For Recovery
- Nov, 06 Swiss Unemployment rises to 4.0%, While Canadaian Employers Shed 43,200 Jobs
- Nov, 05 ECB, BoE Remain On Hold But Sees Signs Of Improvement
- Nov, 04 U.K. Serivce Sector Rises To Highest Level Since 2007, Will BoE Remain On Hold?
- Nov, 02 U.K. Manufacturing Unexpectedly Expanded Casting Doubt On BoE’s Direction
- Oct, 29 An Improving German Labor Market Fuels Euro-Zone Confidence
- Oct, 28 Australian Inflation Remains Subdued Casting Doubt on RBA Rate Hike
- Oct, 27 U.K. Consumer Consumption Expected To Rebound, Will BoE Remain On Hold?
- Oct, 26 German Consumer Confidence Weakens in November, Ex-BoE Member Blanchflower Sees Room For Further Easing
- Oct, 23 Euro-Zone Business Activity and Confidence Rises, Putting The ECB On Alert
- Oct, 22 Flat U.K. Retail Sales Raises Growth Questions
- Oct, 21 BoE Minutues Point Toward Possible Policy Change In November
German September retail sales unexpectedly fell for a second month by 0.5% against forecast for a 1.0% gain, as the improving labor market has failed to inspire consumer to spend. Germans are still dealing with the impact from the recession which saw companies shorten work hours and lower wages.
Fundamental Headlines
• Swiss Banks Lose European Clients – Wall Street Journal
• Data to Show 650,000 Stimulus Jobs – Wall Street Journal
• Sony pares losses and boosts outlook – Financial Times
• Bank of Japan to End Corporate Debt Purchases as Recovery Gains Traction – Bloomberg
• Cisco Systems Is Said to Consider Dropping $3.1 Billion Tandberg Purchase -Bloomberg
USD/CHF – The Swiss KOF Leading index rose to 1.45 from a revised 0.77 in September, which was the highest it has been since February, 2008. The improvement in the gauge which looks to predict economic activity over the next six months could be a sign that the country’s recession is over. A rise in demand for Swiss exports on the back of the global recovery has helped fuel optimism. Despite the expected improvement, market participants should look for the Swiss National Bank to continue defending the Swiss Franc as policy makers try and stimulate foreign demand.
EUR/USD – German September retail sales unexpectedly fell for a second month by 0.5% against forecast for a 1.0% gain, as the improving labor market has failed to inspire consumer to spend. Germans are still dealing with the impact from the recession which saw companies shorten work hours and lower wages. Meanwhile, the euro-zone CPI-estimate rose to -0.1% from -0.3% in September, but remained negative for a fifth straight month. The lack of consumer spending continues to force retailers to slash prices, retrenching consumers have sapped their pricing power which may keep inflation subdued over the near-term. The ECB will most likely remain on hold until upside pressure emerge which could limit Euro support. To discuss this and other ideas, visit the EUR/USD Forum.
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