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DailyFX Forex Radio - US Dollar Softens Ahead of PPI, Consumer Confidence; New Zealand Dollar Hits 26-Year High
By DailyFX Radio | February 26, 2008
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• USDCHF – The gauge for Swiss consumption improved in January spurred by a twenty percent increase in car sales. The index rose to 2.19 from a revised 2.18 in December, remaining above its long-term average of 1.5 for the 23rd month, and the highest reading in the January in seven years. A strong labor market and rising wages are propelling the economy and fueling optimism. The indicator which is based on car sales, retail sales and overnight hotel stays shows that consumer spending should remain strong throughout the remainder of the year. For more news and resources, visit the Swiss Franc Currency Room.
• EURUSD – The German IFO survey of business confidence unexpectedly increased for the second straight month, increasing to 104.1 rising from a reading of 103.4 in January. Europe’s largest economy is showing resiliency despite a U.S. slowdown, record oil prices and a strong Euro. However, the gauge for expectations declined to 98.2 from 98.7, showing that there still remains downside risks to the economy . This data will strengthen the ECB’s current hawkish stance and increase expectations that they will not cut rates until the latter part of the year. Discuss the topic and your trade ideas in the EUR/USD Forum.
Podcast by Terri Belkas, Currency Analyst, DailyFX.com, tbelkas@dailyfx.com
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