Fundamental Headlines
• Credit-Card Delinquencies Increase – Wall Street Journal
• Supreme Court delays Chrysler sale– Financial Times
• Paris and Berlin plan reforms push– Financial Times
• JPMorgan Is Among 10 Banks U.S. Will Let Repay TARP in Show of Confidence – Bloomberg
• BlackRock Said to Offer Cash, Stock for Barclays Unit – Bloomberg
EURUSD – The German trade balance report showed that exports plunged by 4.8% as the economy continues to be impacted by slumping global demand. The surplus for the country shrunk from 11.3 billion to 9.4 bilion despite imports falling by 5.8%. Meanwhile, German industrial production unexpectedly dropped by 1.9% in April as capiotal goods fell by 6.4%. ECB rhetoric has left the door open for more easing from the central bank as they continue to refrain from confirming that a floor has been put in place. Discuss the topic and your trade ideas in the EUR/USD Forum.
GBPUSD – The RICS house price index improved from -58.7% to -44.1% which was the highest reading since November, 2007. A similar rise in the DCLG house price indicator from -13.6% to -13% bolstered the case that the sector is stabilizing which had been mired in its worst downturn since the Great Depression. However, BoE member Tucker cautioned that despite early signs of a recovery it reamisn highly uncertain. Discuss the topic and your trade ideas in the GBP/USD Forum.
