Swiss Economy Shows Signs Of Contracting, Oil Rises On Middle East Violence

Fundamental Headlines

• Israelis Launch More Attacks – Wall Street Journal
• Weaker Dollar Worries Japan, Germany - Wall Street Journal
• Europeans see euro trumping dollar – Financial Times
• Crude Oil Rises After Israeli Attacks on Gaza Roil Middle East – Bloomberg
• U.S. Corporate Profits Probably Fell for Sixth-Straight Quarter – Bloomberg

• EURUSD – French final 3Q GDP printed at 0.1% confirming preliminary reports that the country avoided a technical recession. The French economy grew on the back of increased consumer spending due to lower oil prices and in turn inflation. A 1.7% increase in Imports helped reverse the 0.3% decline from the prior quarter. Meanwhile, Italian business confidence fell to 66.6, which was the lowest since records began in 1992. Despite the improved growth numbers in France, the region is still showing signs of weakness and if businesses continue to cut workers than domestic growth could significantly fall. Discuss the topic and your trade ideas in the EUR/USD Forum.

• GBPUSD – U.K. households put £5.7 billion into their home’s according to the BoE’s housing equity withdrawal report. It was the largest amount since records began in 1970 as falling hoe prices and tight credit markets have limited the desire and ability for homeowners to pull out equity from their homes. The is a clear indicator that future consumption of big ticket items like vacations and cars will continue to decline adding to the already dour outlook for consumer spending. Discuss the topic and your trade ideas in the GBP/USD Forum.

• USDCHF – Switzerland’s KoF leading indicator fell to -0.369 from a revised -0.04, which was the lowest in more than five years. The reading indicates that the Swiss economy will most likely contract in the coming months as demand from its biggest trading partners the U.S. and Europe weakens as they face recession of their own.

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