Fundamental Headlines
• AUDUSD – Confidence amongst Australian companies fell for the third straight month to -4 from -2 in February, due to high interest rates and a slowing global economy. RBA Governor Stevens has recently confirm that the central bank’s tightening policy for the time being has come to an end, as they are lowering growth forecasts for the economy and inflation. Speculation is increasing that as growth slows, future rate cuts may be in store. For more news and resources, visit our Australian Dollar Currency Room.
• USDJPY – The Eco Watchers Survey showed that confidence among merchants rose to a four month high of 36.9. Expectations are that confidence will start to wane now that companies have started to cut back on hiring as a U.S. slowdown weighs on demand. The BoJ is expected to keep rates unchanged tomorrow, but recent comments from Deputy Governor Shirakawa that the bank is willing to take “flexible action”, has increased speculation that there may be a rate cut in the near-term future.. For more news and resources, visit our Japanese Yen Currency Room.
• GBPUSD – U.K house prices fell by 2.5%, the lowest since 1992. Average prices in March fell to 191,566 pounds as demand has fallen on tight lending standards. Banks have been reluctant to pass on recent rate cuts by the BoE to borrowers. The central bank is expected to again cut rates by as much as 50 points at there next meeting, as downside risks remain. Discuss the topic and your trade ideas in the GBP/USD Forum.
• Detroit Sets Bold Goal: Exporting U.S. Cars (link) – Wall Street Journal
• Alcoa Net Falls Amid U.S. Slowdown (link) – Wall Street Journal
• Vetting of Overseas Investors Stepped Up (link) – Financial Times
• Greenspan Says U.S. Home Prices May Stabilize in 2008 (link) – Bloomberg
• Rice Jumps To Record On Philippine Imports, Exporter Sale Curbs (link) – Bloomberg
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