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UK Rightmove Shows Housing Prices Down 4.8% on the Year Housing prices in the UK continue to sink with the monthly change for August showing a 2.3% decline. The pace of declines have accelerated May's 1.2% fall. On the year, housing prices are now down 4.8%, the biggest drop since the survey began in 2002. SWZ Pace of Retail Sales Slows, Concern for Economy Retail sales in Switzerland were up 0.7% year-on-year in June, slowing significantly from the pace of 7.4% set in May. Forecasts had called for a 3.2% increase. The slower sales came despite the Euro 2008 soccer championships. Weaker spending bolsters the view that, just like the Euro-zone, the Swiss economy is heading for weaker growth and may prompt the Swiss National Bank to lower interest rates. EUR/CHF - Euro Climbs on Swiss Franc As European Stocks Gain
European stocks swung higher during the European session lifted by metals and oil producing industries as prices for these commodities increased overnight. The Euro-Franc pair, after a steep slide on Friday, rallied about 70 pips to start the week. It found resistance at 1.6175 as the NY open saw US stocks slide quickly into the red. EUR Trade Deficit Widens, Imports Increase on Oil, Commodities The Euro-zone trade balance showed a deficit of 3 billion euros for the June period. That's the widest deficit in nearly 2 years, and surprises forecasts on the downside. Imports rose twice as much as exports, mainly as a result of higher oil and commodities prices. EUR/USD - Euro Rises Then Falls in Unclear Market Direction
The Euro-Dollar pair, which has been falling relentlessly the last couple of weeks, bounced up slightly from its close on Friday. The pair tested 1.4765, but faltered after the Euro-zone trade balance data. Overall, the forex markets were relatively calm, as there was little data to work with to push trading in any direction. US Homebuilders Assessment of Housing Market Remains Stable, Future Outlook Improves In the US, the NAHB housing market index remained steady at 16 for the August period. Single-family homebuilders did report a slight increase in their outlook for home sales in the next 6 months, as a result of the newly enacted housing stimulus legislation. CAN International Securities Transactions Beat Forecasts In Canada, foreigners bought a net of C$7.3 billion in Canadian securities, a 7th consecutive month of growth. Canadians reduced their holdings of foreign securities by C$9.5 billion USD/CAD - Greenback Climbs After Touching Support
The US Dollar-Canadian Dollar initially fell to start the session, but then rose after hitting a line of support. The pair has entered a downward channel, and it will be interesting to see how price action continues the rest of the week, especially when it hits the line of resistance near 1.0650. Upcoming Releases Tonight, New Zealand will unveil producer prices, and the Reserve Bank of Australia posts its meeting minutes. The Bank of Japan finishes its interest rate meeting and is expected to hold at 0.5%. Overnight, Germany releases its PPI and the ZEW Economic sentiment. Tomorrow, the US releases data on housing starts and building permits, and its producer price index. Canada will post figures on wholesale sales. |
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