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FX4.21

Fundamental Headlines

• SEC Weighs Rules on Bank Debt – Wall Street Journal
• IMF Backs Global Tax on BanksKey – Wall Street Journal
• Goldman first-quarter profits nearly double - Financial Times
• Greece Might Ask for Aid Before Talks With IMF End, Papaconstantinou Says - Bloomberg
• Goldman Sachs Says SEC's Fraud Case Hinges on Actions of Single Employee Sales - Bloomberg



GBP/USD –  U.K. unemployment fell more than forecasted in March as the number of jobless claims dropped by 32,900 against 10,000. Unemployment filings fell for a consecutive month which lowered the unemployment rate to 4.8%. Strong demand from abroad continues to fuel growth and a pick-up in consumer spending has slowed layoffs and is sowing the seeds for hiring. Meanwhile, the release of the BoE minutes revealed that the MPC was unanimous in their vote to pause the asset purchase program. However, there were conflicting opinions on the balance of inflation and growth risks, which appears warranted following consumer prices accelerating to 3.5% in March. The next policy meeting could see dissention and stronger calls for an end to the quantitative easing. To discuss and other topics, please visit the GBP/USD forum.