U.K. Growth Contracts Further As Exports, Houshold Consumption Decline

[B]Fundamental Headlines[/B]

[I]• Bank United Fails in Year’s Biggest Bust – Wall Street Journal
• Nikkei Falls on Stronger Yen – Wall Street Journal
• Fears mount over US debt – Financial Times
• Geithner Pledges to Cut Deficit as Concern Grows Over U.S. AAA Debt Rating – Bloomberg
• Dollar Falls After Fed’s Rosengren Says Recovery May Be Slow; Stocks Rise – Bloomberg[/I]

[B]GBPUSD[/B] – U.K. GDP showed a -1.9% decline in growth for the first quarter and -4.1% on an annualized basis . The growth report showed that private consumption fell by 1.2% along with a 6.1% slide in exports which leaves very little sources of growth for the economy. The decline of household consumption along with a 3.8% drop in private investment supports the BoE’s contention that the economy is headed for a protracted recovery. will hinder. For more news and resources, visit the Pound Currency Room.