German Confidence Drops To Five Year Low, SEC Limits Short-Selling

Daily Forex Fundamentals | Written by DailyFX | Jul 28 08 11:29 GMT |

Fundamental Headlines EURUSD - The economic outlook for Germany remains bleak as consumer confidence declined to the lowest level in five years. GfK AG's index fell to 2.1 for August from 3.6 in July, the lowest level since June 2003. Soaring energy prices coupled with upwards inflationary pressures have diminished consumer purchasing power. Additionally, record food prices and the U.S. housing slump has decreased demand for exports, also squeezing the economy. AUDUSD - Australian new home sales rose 4.0 percent in May, fueled by record immigration. Despite an increase in living costs, the resources boom in Western Australia has attracted new workers. Overall home sales have risen just 0.4 percent over the first half of 2008, amid record fuel prices and inflation levels currently at a 12-year high. NZDUSD - New Zealand's trade deficit shrunk to NZ$4.48 billion in the year ending June 30, amid a curbed demand for imports and an unexpected rise in exports. The slight turnaround for the contracting economy was unforeseen, as the Bloomberg survey of economists predicted a NZ$4.64 billion fall. As domestic demand cools, New Zealand has faced slowing growth throughout the first half of the year, dropping the economy into its first recession since 1998. KKR Slates Public Offer to Rescue an Affiliate (link) - Wall Street Journal SEC Intensifies Efforts to Rein in Short Selling (link) - Wall Street Journal MPs Seek Windfall Tax on Energy Profits (link) - Financial Times European Stocks, U.S. Futures Fall; Banks, Airlines Lead Drop (link) - Bloomberg Hedge Funds May Post Worst Month in 5 Years as Bank Bets Sour (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.