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U.S. Consumer confidence falls in Aug

U.S. Consumer confidence falls  in Aug

Americans are feeling worse about the economy than they have in a long time. Despite the improved US housing market, which was seen as the trigger for the recession, registered its first gain in house prices for almost two years in June. The confidence among US consumers fell to the lowest level in August this year as, the Congressional Budget Office (CBO) has released an ominous report warning that the country is heading toward a “fiscal cliff.” The CBO says it could lead to a significant recession and the loss of two million jobs.

In the Eurozone, the Greek government is planning to launch Chinese-style “economic zones” with special tax and regulatory breaks in a desperate bid to attract foreign investment. Greece’s development minister said they have already started initiating permission plan request with the European Commission. The zones, which would be specially designated in areas of Athens and other key cities, would have special tax breaks and administrative freedoms for companies to come and set up businesses. “They believe these zones will boost the real economy by creating a special regime to attract investment and generate exports”.

In terms of economic calendar German Consumer Price Index (CPI) data is due for release today. GBP has weakened slightly against EUR and is trading at a range of 1.2580-1.2615.

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