The US dollar declined against the Euro to 1.4100 as appetite for risk returns.

[RTFX-Trading]

MORNING BRIEFING: The US dollar declined against the Euro to 1.4100 as appetite for risk returns.

What?s new?
Switzerland: Pessimistic KOF forecasts raise concern on the Swiss economy.
United States: The Supreme Court authorizes the sale of Chrysler to industrial group Fiat.
Germany: Arcandor distributor filed for bankruptcy.
United States: 10 of 19 major US banks are permitted to repay a total of $ 68 billion aid.
United States: Geithner suggests a recasting of the regulatory framework.
England: The great British bank Lloyds will cut 1,600 jobs.

Today:
08h00 Germany: Consumer Price Index final May, exp -0.10%, previous 0.00%.
08h00 Germany: Consumer Price Index annual May, exp 0.00%, previous 0.00%.
08h45 France: Industrial production April, exp -0.20%, previous -1.40%.
10h30 United Kingdom: Industrial production April, exp -0.20%, previous -0.60%.
10h30 United Kingdom: Trade balance April (?), exp -6.40B, previous -6.59B.
14h30 United States: Trade balance April ($), exp $29B, previous $-27.58B.
14h30 Canada: Trade balance April (CAD), exp 1.00B, previous 1.11B.

Overnight Rate and Indices:
EURUSD: 1.4102 ? 1.4050.
USDCHF: 1.0795 ? 1.0759.
GBPUSD: 1.6355 ? 1.6295.
EURJPY: 137.69 - 136.68.
USDJPY: 97.72 ? 97.09.
DowJones: 8'763 -0.02%.
NASDAQ: 1?860 +0.96%.
S&P 500: 942 +0.35%.
Nikkei: 9?783 -0.83%.
Gold: $959.10

Comments:

The Swiss franc was heckled yesterday following the KOF predictions. In a study made public, KOF found that Switzerland was facing a severe recession that would result in a marked contraction of GDP and a rise in unemployment.

In Germany, one of the biggest names in the tourism and retail industries, Arcandor, filed for bankruptcy yesterday. The group is the first non-banking victim of the Germany economic crisis. This bankruptcy concerns about 43'000 employees.

In the United States, 10 of the 19 largest US banks are permitted to repay a total of $ 68 billion aid that was granted to restart the credit market (TARP). These reimbursements show a positive signal. By reimbursing the TARP, many banks hope to get restrictions on salaries lifted, which had been imposed as a consequence of public aid.
Emman Xuereb

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