Forex News and Rumors – Afternoon Update

US Consumer Confidence Rebounds in May

The US Consumer Confidence Index jumped to an eight-month high to 54.9 from April’s revised number of 40.8 in April. May’s results surpassed expectations of 42.3 and is more than double February’s all-time low index valuation of 25.3. More

S&P Survey Finds US House Prices Fell 10.1% in 1st Quarter

The Standard & Poor’s / Case-Chiller National Home Price index found that the value of home prices in the US fell by 19.1 percent for the first three months of the year. The report also found that while home values continue to fall, the pace of the monthly declines is slowing. More

Euro Falls as Investors Bet Gains Cannot Be Maintained

For the first time in seven days, the euro lost against the dollar today falling from $1.4017 yesterday to $1.3982 at noon today in New York. Investors are clearly worried that the euro’s recent run-up against the dollar cannot be sustained over the long term.

“Euro bulls are running out of buying power,” said Andrew Chaveriat, a technical analyst at BNP Paribas SA in New York. “A close below $1.3880 today will signal further declines in the common currency,” he said. More

GM Reaches Deal With UAW

As part of a restructuring bid to gain more government aid and avoid bankruptcy, General Motors and the United Auto Workers have reached an agreement that would see the union receive 17.5 percent of GM’s common stock, $6.5 billion of preferred shares, and a $2.5 billion note to fund a trust that will take over retiree health care costs starting next year. More

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