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DailyFX Forex Radio - US Dollar Remains Weak, Carry Trades Heavy As Asian, European Stock Markets Falter
By DailyFX Radio | February 22, 2008
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• USDJPY – Japanese supermarket sales declined 1.7% in January, falling for the 25th consecutive month. The figures based on 78 companies saw declines in all the components with household goods and clothing, the second and third largest categories, falling -3.6% and -4.2% respectively. A weakening U.S. economy and slowing domestic demand has made the Japanese economy dependent on China to stimulate growth. Japanese officials will have to watch and see how the affects of the U.S. slowdown is impacting Chinese exports, as it will ultimately impact its demand for Japanese goods. For more news and resources, visit the new Japanese Yen Currency Room.
• EURUSD – Eurozone PMI services printed higher than expected at 52.3 versus 51.0, with gains in employment and new orders. Meanwhile, manufacturing softened in line with expectations to 52.3 from 52.8 in January. The stronger than expected services number will strengthen the ECB’s hawkish stance and allow them to keep rates unchanged for the time being. However, the weakening manufacturing sector will be an area of concern and may force them to consider rate cuts in the latter part of the year. Discuss the topic and your trade ideas in the EUR/USD Forum.
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