Euro trades past 1.42…  Geithner make a promise to China…  Central Bank meetings this week…  Canada’s Fin Min, speaks… And Now… Today’s Pfennig!

General Motors Corp. (NYSE: GM) is closing in quickly on its June 1 deadline to finish overhauling its operations, or opt for Chapter 11 bankruptcy. Because that deadline is actually one week from yesterday (Monday), analysts and investors will be watching GM closely this week.

Only one of the 19 financial institutions that received a bank stress test would require additional capital, the controversial government initiative has reportedly concluded.

Bad news for car makers rallies the US$…  Yen comes back strong…  Singapore to devalue?…  German Chancellor Merkel gives warning… And Now… Today’s Pfennig!

On close inspection, there are only two possibilities for the Geithner “Rescue Plan”: It’s an honest effort doomed to fail… or a blatant scam that just might work.

Geithner sends the dollar on a thrill ride…  A failed UK gilt auction…  China set to recover first…  AUD and NZD rally again… And Now… Today’s Pfennig!

Gold slipped on Tuesday, pressured by a rising dollar and a firmer tone on equity markets, but analysts said inflationary concerns would underpin bullion’s safe-haven appeal.

With every proposed financial fix-up plan for the U.S. banking system, there’s always been one major sticking point: The logjam of hard-to-price – and even “toxic” – assets clogging the balance sheets of banks, investment houses or any other type of company with an involvement in the financial-services sector.

Geithner rescues the stock market…  Commercial real estate, the next big drag…  Norway: the new safe haven…  China pushes for a new reserve currency… And Now… Today’s Pfennig!

There is nearly universal agreement that the opening salvo of the Obama administration’s campaign to restore health to the financial system, delivered last week by new U.S. Treasury Secretary Timothy F. Geithner, fell with a loud and ugly thud. The most common criticism is that the announcement was short on detail.