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Fundamental Headlines

• BlackRock About to Be No. 1 Money Firm– Wall Street Journal
• China exports fall more sharply in May – Financial Times
• Surge in US bond yields sparks concern – Financial Times
• IEA Raises 2009 Forecast for Global Oil Demand for First Time in 10 Months – Bloomberg
• U.K. to Curb Bank Trading With New Capital Rules, Turner Says – Bloomberg

EURUSD – French non-farm payrolls declined for a fourth quarter by the most since record keeping began in 1990 which will limit the pace of a recovery for the country. Meanwhile, the ECB released their monthly bulletin in which they forecasted that growth wouldn’t return until the middle of 2010 for the Euro-zone. Additionally, they are forecasting that inflation will turn negative and remain at those levels until the end of 2009. The news wasn’t anything that we haven’t already heard from the central bank and thus the markets took it stride. Discuss the topic and your trade ideas in the EUR/USD Forum.

GBPUSD –  The NIESR GDP estimate showed that the pace of contraction in the U.K. has slowed to -0.9% from -1.5% for the three month period ending in May. The report showed the April was the low point of the recession as the subsequent months have shown an increase in output. Meanwhile, the BoE inflation survey showed that consumer expectations rose to 2.4% from 2.1% as rising commodity prices and a stabilizing economy have raised their outlook. A return of growth and rising inflation may lead to the central bank raising rates sooner than expected as they look to hedge against creating future bubbles. Discuss the topic and your trade ideas in the GBP/USD Forum.

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