U.S. Trading Newsletter

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US GROSS DOMESTIC PRODUCT ANNUALIZED

US economic indicators - Consumer confidence is likely to fall further in May despite the tax checks by BHF−Bank

According to the advance estimate, Q1 GDP went up by an annualised 0.6% qoq, the same modest rate as in the final quarter of 2007. Consumer spending's contribution fell sharply from 1.6 to 0.7 percentage points, and only remained positive because of an unexpected acceleration in consumer expenditures on services; goods expenditures actually fell for the first time since the 4th quarter of 2005.

• Ahead of the Bell: Economists expect higher 1Q GDP (Thomson Financial News)

Weekly Market View - Declining Gross Domestic Product in the US expected by FXstreet.com

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UK CBI DISTRIBUTIVE TRADES SURVEY − REALIZED

UK retail sales balance improves to −14 in May, Jun expectations up − CBI UPDATE (Thomson Financial News)

Sales on the UK high street improved in May after a sharp fall in April and are expected to improve yet again in June, although overall conditions remain difficult, the country's leading business lobby said.

• Read the Survey data at CBI
• DATA SNAP: UK May Sales Volume −14 Vs Apr −26 − CBI (Dow Jones)
• UK retail sales balance improves to −14 in May, June expectations up − CBI (Thomson Financial News)
• United Kingdom CBI Distributive Trades Survey − Realized rises to −14 in May from −26 in April (FXstreet.com)

EMU CONSUMER CONFIDENCE

DATA SNAP: Euro−Zone Consumer Confidence Weakens In May (Dow Jones)

Consumers in the 15 countries that use the euro were at their most pessimistic in over a year in May, as households became more downbeat about their own situation and also about the general economic climate.

• Read the Condidence data at European Commission
• UPDATE: Euro−Zone Consumer Confidence At 32−Month Low In May (Dow Jones)
• Economic sentiment remains unchanged in the Euro Area in May (FXstreet.com)
• Euro zone May economic sentiment indicator 97.1, unchanged from April (Thomson Financial News)

EMU economic indicators - EMU industrial confidence and economic sentiment will probably have improved in May by BHF−Bank

EMU M3

Euro area April M3 growth at 10.6 pct year−on−year vs 10.1 pct in March UPDATE (Thomson Financial News)

Euro area M3 grew 10.6 percent year−on−year in April compared with 10.1 percent in March and slightly higher than the 10.3 percent forecast by economists polled by Thomson Financial News.

• Read the M3 money data at ECB
• UPDATE: Euro−Zone April M3 +10.6% On Year (Dow Jones)
• DATA SNAP: Euro−Zone Apr M3 +10.6% On Year Vs +10.1% In Mar (Dow Jones)
• Euro area April M3 growth at 10.6 pct year−on−year vs 10.1 pct in March (Thomson Financial News)

Germany UNEMPLOYMENT RATE S.A.

DATA SNAP: German May Seas Adj Jobless +4K Vs −4K In April (Dow Jones)

German unemployment in May rose slightly in seasonally adjusted terms for the first time this year, disappointing expectations of a drop, data from the country's labor office showed Thursday.

• Read the Unemployment data at Bundesagentur für Arbeit [text in German]
• UPDATE: German May Seas Adj Jobless +4K Vs −4K In April (Dow Jones)
• German May adjusted jobless figure up 4,000 from April (Thomson Financial News)
• Unemployment remains steady in Germany at 7.9% in May (FXstreet.com)

EMU economic indicators - German adjusted unemployment could have remained stable in May by BHF−Bank