Fundamental Headlines
· EURUSD – Construction orders fell for the third consecutive month to -0.6% from 0.1% in May. The decline was led by Germany and Spain, with the growth outlook turning bleak as economic activity continues to deteriorate among the 15 European nations. Discuss the topic and your trade ideas in the EUR/USD Forum.
· GBPUSD – The Bank of England Minutes portrayed mounting uncertainties within the central bank as officials voted 7-1-1 to hold the benchmark interest rate at 5.00% during the August 7th meeting. The CBI Industrial Trends survey for the month of August fuel growth concerns for the U.K. economy as total orders fell to -13 from a previous reading of -8, with inventories rising to 18 from 13 in July. Downside growth fears paired with record high inflation could leave the MPC on the sidelines for the remainder of the year. For more news and resources, visit our GBP/USD Forum.
· AUDUSD – The Westpac leading index ticked higher to 0.1% from 0.0% in May, while the DEWR skilled vacancies index slid deeper into negative territory. Skilled vacancies fell to -1.7% from -0.5% in July, suggesting that employment demands may continue to falter as growth prospects turn dim. The subpar growth in the Australian economy may help to limit upside inflation risks, and could leave the door open for a potential rate cut at the RBA’s next policy meeting. For more news and resources, visit our Australian Dollar Currency Room.
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