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The markets finally had some French and German data to cheer about on Thursday, and the good news helped the Euro USD reverse its downward slide. However, concerns remain high that Spain may be forced to ask for an international bailout, as the recession and banking crisis and high borrowing costs weigh heavily on the economy. With the elections still three weeks away, look for Greece to remain in the daily headlines. In the US, Pending Home Sales dropped sharply, raising concerns about the US recovery. There are a lot of EZ and US releases today, with the most important being US GDP and Employment data.

Here’s an update on technicals, fundamentals and what’s going on in the markets.

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Euro USD is continuing its downward spiral. Fears are rising that Spain may be forced to ask for an international bailout, as the recession and banking crisis continue to take their toll on the economy. mount together with yields. In Greece, the EFSF injected 18 billion euros into the country’s struggling banks. This may shift the focus away from the troubled nation for now, but capital continues to move out of the country. Is the Grexit an irreversible process? Yesterday’s US Consumer Confidence data was weak, hitting a five-month low. In the Euro-zone, the M3 Money Supply came in at 2.5%, well below the market forecast. Today’s key indicators include an Italian Bond Auction, a speech by ECB head Draghi and US Pending Home Sales. ...

The pound continued its sharp drop this week, as GBP/USD aiming to reach critical low support. The upcoming week has seven releases, including Manufacturing PMI. Here is an outlook for the upcoming events, and an updated technical analysis for GBP/USD.

A weak GDP release in the UK is pointing to a deeper recession than forecast. As well, talk of a Greek exit from the Euro-zone and a lacklustre response to the fiscal crisis in Europe is weighing on the pound, which had a miserable May, losing around six cents against the surging US dollar.
Read the rest of the article [B][I][URL="http://www.forexcrunch.com/gbpusd-outlook-may-28-june-1/"]GBP/USD Outlook May 28 – June 1[/URL][/I][/B]

The Australian dollar managed to hold steady this week, but has still lost around six cents against the US dollar in the month of May. The upcoming week is quite busy, with nine releases. Here is an outlook for the Australian events, and an updated technical analysis for AUD/USD.

AUD/USD has dropped sharply since the recent deep interest rate cut. The economy continues to suffer from the global slowdown, and the grim situation in the Euro-zone is weighing on the the aussie.

Read the rest of the article [B][I][URL="http://www.forexcrunch.com/audusd-outlook-may-28-june-1/"]AUD/USD Outlook May 28 – June 1[/URL][/I][/B]