[B]Fundamental Headlines[/B]
[I]• EU Seeks Oversight Role for ECB – Wall Street Journal
• GM-Union Deal Raises U.S. Stake – Wall Street Journal
• Saudi minister sees oil demand rising – Financial Times
• U.S. Recession Probably Will End by Third Quarter, Business Economists Say – Bloomberg
• Oil, Stocks, Pound Climb to Highest Since November on Outlook for Growth – Bloomberg[/I]
[B]EURUSD [/B]– The French consumer confidence indicator showed a mild improvement to -40 from -41 followed by an uptick in business sentiment to 72 from 71. However, the outlook for production for April was revised lower to -57 from -18 and although we saw an improvement to -50 in May the overall picture has grown dimmer. Meanwhile, Italian consumer confidence remained unchanged at 104.9 versus expectations fro an improvement to 105.1. The recession in treh Euro-zone may be slowing but it is far from showing signs of growth, which could lead to more non-standard measures from the ECB at their next policy meeting. Discuss the topic and your trade ideas in the EUR/USD Forum.
[B]GBPUSD[/B] – The BBA loans for home purchase showed that banks issued more mortgages in April than March. Approvals rose to 27,685 from a revised 26,671 the month prior as lending standards are starting to ease as the BoE’s quantitative easing methods begin to have an impact. However, economist were looking fro an improvement of 28,00 which shows that credit will remain a challenge for consumers. For more news and resources, visit the Pound Currency Room.