Forex News: Eurozone,Swiss and U.K. Consumer Spending Softening.

Fundamental Headlines

• NZDUSD – The New Zealand Statistics office reported an unexpected trade balance deficit in March of –NZ$50 million versus a anticipated surplus of NZ$395 million. On an annual basis the trade gap increased to -4.3 billion in the year to March versus -4.42 billion in the year to February. The RBNZ may need to cut rates by year’s end as record interest rates are cooling the economy faster than expected. For more news and resources, visit our New Zealand Dollar Currency Room.
• USDCHF – The Swiss consumption gauge fell to 2.29 in March from 2.32 the month prior, as rising inflation weighed on consumers. A nine percent decline in car sales led to the index falling from an eight month high in February. Swiss inflation has accelerated to its fastest pace in 14 years has begun to diminish consumers purchasing power. For more news and resources, visit our Swiss Franc Currency Room.
• GBPUSD – The U.K. Distributive trades report printed at -26 over eight times lower than the -3 that was expected as retailers see sales slowing. The number demonstrated the affect that the deteriorating housing market is having on consumer confidence and consumption. The housing sector continued to falter with mortgagees reaching a nearly nine year low of 64,000. Despite inflation concerns the BoE may have to consider lowering rate to soften the landing of the economy. Discuss the topic and your trade ideas in the GBP/USD Forum.

• Deutsche Bank Swings To Loss On Write-Downs, Trading Loss (link) – Wall Street Journal
• Fed’s Bailout Is Questioned By Ex-Staffer (link) – Wall Street Journal
• Fed Looks To Extend Debate On Liquidity (link) – Financial Times
• European Retail Sales Slumped in April, PMI Shows (link) – Bloomberg
• U.K. Loan Approvals Reach Lowest Since at Least 1999 (link) – Bloomberg