Daily Forex News August 13th 2013

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Average Monthly Profit Over 9%: Daily Forex News: August 13th 2013Japanese Yen Tumbles as Nikkei Lifted by Talk of Corporate Tax Cut to Offset the Impact of the Planned Sales Tax HikeThe Japanese Yen weakened broadly today as the Nikkei rose over 200 points on news that Prime Minister Abe is considering a corporate tax cut to offset the impact of the planned sales tax hike. Forex news online. The news came after the Japanese GDP report, released yesterday, showed weaker than expected growth of 0.6% quarter on quarter in Q2. The data prompted speculation that Abe could delay or even reconsider the two staged increase in sales tax. But it seems that Abe is considering another way to ease the burden on the economy. Recovery in US treasury yields also put some pressure on the Japanese yen. USD/JPY is approaching minor resistance of 97.58 on the recovery while EUR/JPY is close to 129.70 minor resistance. These levels will be closely watched today on the chance of near term reversal. The Australian Dollar also weakened mildly today as the National Australian Bank's business confidence dropped to -3 in July. The National Australian Bank's chief economist noted that sentiments remained "extremely poor" in the mining industry in spite of recent depreciation in the currency and the Reserve Bank of Australia's rate cut. The final budget update before election confirmed a deficit of 30.1 billion Australian Dollars in the 2013/14 fiscal year. The so called Pre-election Economic and Fiscal Outlook noted that "against the backdrop of a still-challenging global outlook, the Australian economy is expected to transition away from resource investment-led growth towards broader-based growth". But it warned that the transition "may not occur as smoothly as forecast".EUR/GBP continues to struggle in tight range above an important near term support at 0.8581 ahead of some important economic data today. The UK Royal Institution of Chartered Surveyors house price balance improved more than expected to 36 in July but provided little inspiration. The UK will release inflation data today. Consumer price index is expected to drop back to 2.8% year on year in July while the Retail Price Index is also expected to drop to 3.2% year on year. Producer Price Index input, output and output core are expected to rise slightly. German ZEW is expected to improve to 39.9 in August while Eurozone ZEW is expected to improve to 37.4. We might finally see EUR/GBP take a different direction after today's data.Meanwhile, EUR/USD's rejection from the 1.34 level yesterday triggered broad based recovery in the greenback. Focus will turn to today's data from the US. Retail sales are expected to grow 0.3% in July while ex-auto sales are expected to rise 0.4%. Import prices and business inventories will also be featured.. Daily Forex News August 13th 2013

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