Highlights

Risk appetite whetted by less negative economic news.
Stocks, commodities and currencies (except the U.S. dollar) have rallied.
Longer-dated government bond yields rose.
The sharp contraction in key world in the first quarter may represent the worst for this recession...
...with forecasters calling for economies to get back into the black later this year
Central banks keep policy accommodative, but are largely tapped out on rate cuts.
Canada's first-quarter contraction was less than expected.
The economy likely remained in recession in the second quarter, but moderate growth is expected in the second half of the year.
The Canadian dollar benefitted from the recent pick-up in risk appetite ...
...presenting downside risk to the outlook for exporters.
The Bank of Canada left the policy rate at 0.25% and reiterated its conditional committment to maintaining this level until the middle of next year.
Eurozone real GDP plunged in the first quarter.
Recent Eurozone survey data have reported steadily more positive readings on the economic growth front .
In its quarterly inflation report, the Bank of England revised its growth forecast down.
S&P revised down its mediumterm outlook for the United Kingdom to "negative," while the outlook for New Zealand was revised up to "stable."
Australian GDP confounded expectations for a 0.2% fall, rising

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