The market has been focused on improved US economic data of late but last night’s report that GMAC is getting yet another $3.5 bln cash infusion from Uncle Sam served as a reminder that the mortgage monster has not yet been slayed. Lots of provisions have been made but there are still sizable losses to absorbed in the years ahead.
EUR/USD trades with a soft tone in quiet New York dealing. The IMF’s comments on Greece served as afresh reminder that the euro zone is dealing with troubles of its own…EUR/USD is at 1.4323.
