Dear Reader,

Here is an overview of today's economic news and market action:

• Mixed mood on markets yesterday …
• Euro Stoxx 50 up 0.6%, S&P 500 up just 0.1% …
• Currency markets range bound …
• Of the limited moves to note, the dollar was slightly weaker …
• EUR/USD opens up at the midpoint of $1.09-1.10 …
• GBP/USD is operating in the $1.24-1.25 range …
• EUR/GBP is at the 88p mark …
• Remarks from a ECB and Fed officials will be under the microscope today …

A Cautionary Tale

The latest quarterly update from the IMF on the outlook for the world economy published last week saw little change to its forecasts from those issued in January and last October.

Storm Clouds Gathering

• The latest quarterly update from the IMF on the outlook for the world economy published last Tuesday saw little change to its forecasts from those issued in January and last October.

• Economic data have generally surprised to the upside in first quarter, helped by easing inflation. However, possible credit crunch and tighter lending standards new risk to activity