German Business Confidence And U.K. Retail Sales Sink

Daily Forex Fundamentals | Written by DailyFX | Jul 24 08 10:59 GMT |

Fundamental Headlines GBPUSD - U.K. retail sales fell 3.9% in June from a record high 3.6% the month prior, the most since at least 1986. The decline was led by a 6.9% drop in apparel purchases as many Britons started buying seasonal items in May due to abnormally warm weather. Food sales also declined 3.6% as costs for basic staples like rice remains at record levels. However, as long as inflation concerns remain the BoE may leave rates unchanged for the remainder of the year. EURUSD - The July German IFO -business indicator fell to 97.5 from 101.3 the month prior, as rising inflation, higher interest rates and a slowing global economy weigh on business leaders. It was the lowest reading in almost three years for the survey of 7,000 executives. Meanwhile, the regions economy continues to show signs of slowing down as the Euro-Zone PMI composite fell to 47.8 from 49.3, the lowest level since March 2006. The downside risks of the economy may keep the ECB from another rate hike, especially with oil prices easing. USDJPY- Japan's adjusted merchandise trade balance surplus decline to ¥138.6 billion from 362.2 billion as exports fell 1.7%. Slowing demand for cars and electronics worldwide saw demand fall to the lowest in more than four years. Rising inflation across Asia is weighing on emerging market demand which has been the source of growth for the country. Housing Bill Will Extend Federal Role In Markets (link) - Wall Street Journal States Slammed By Shortfalls (link) - Wall Street Journal Crude And Food Falls Help Lift Equities (link) - Financial Times Euro Declines To Two-Week Low Against Dollar As Confidence Falls (link) - Bloomberg Credit Suisse Earnings Beat Analysts' Estimates; Shares Climb (link) - Bloomberg DailyFX Disclaimer Investment in the currency exchange is highly speculative and should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only. Accordingly we make no warranties or guarantees in respect of the content. The publications herein do not take into account the investment objectives, financial situation or particular needs of any particular person. Investors should obtain individual financial advice based on their own particular circumstances before making an investment decision on the basis of the recommendations in this website. While we try to ensure that all of the information provided on this website is kept up-to-date and accurate we accept no responsibility for any use made of the information provided. All intellectual property rights are the property of Daily FX. Daily FX and its affiliates, will not be held responsible for the reliability or accuracy of the information available on this site. The content herein is provided in good faith and believed to be accurate, however, there are no explicit or implicit warranties of accuracy or timeliness made by Daily FX or its affiliates. The reader agrees not to hold Daily FX or any of its affiliates liable for decisions that are based on information from this website. Daily FX highly recommends that before making a decision, the reader collects several opinions related to the decision and verifies facts from at least several independent sources.