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Forex News (Text and Podcast): US Dollar Starts Out On Sour Note As Wall Street Faces Rocky Week

Monday, 28 January 2008 11:59:06 GMT

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Written by Terri Belkas, Currency Analyst

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Fundamental Headlines
 
·    NZDUSD –Conditions in the New Zealand services sector deteriorated in December, as the Performance of Services index plummeted to a reading of 53.9 from 62.6. It appears that the Reserve Bank of New Zealand’s stringent monetary policy actions in 2007 has been to the detriment of consumption, which should allow the central bank to leave rates steady – if not cut rates – in 2008. For more news and resources, visit the new NZ Dollar Currency Room.
·    EURUSD – Money supply growth in the Euro-zone surged in December, as the three-month average jumped 12.1 percent from a year ago - the fastest pace since record-keeping began in 1981 - suggesting that inflation pressures in the region remain strong. On the other hand, the annual rate slowed more than expected to 11.5 percent from 12.3 percent during the month prior. Nevertheless, with CPI in the Euro-zone still well above target at a lofty 3.1 percent, the European Central Bank is highly unlikely to back away from their hawkish stance despite the fact that economic conditions are deteriorating.. Discuss this and other topics related to the Euro in our EUR/USD Forum.
 
·    Senate Weighs Changes As It Takes Up Stimulus Bill (link) – Wall Street Journal
·    Stocks Fall in Europe, Asia, U.S. Futures Drop; Total Declines (link) – Bloomberg
·    Global Recession Risk Grows as US 'Damage' Spreads (link) – Bloomberg
·    Shutdown To Continue At South African Mines (link) – Financial Times
·    UK Hometrack House Prices Fall for a Fourth Month (link) – Bloomberg

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tb  Written by Terri Belkas, Currency Analyst, Forex Capital Markets LLC, DailyFX.com
 
Tell us what you think about this article. Email tbelkas@dailyfx.com

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