Market News

8th June 2010

Good Morning,

GBP

The Pound pushed higher yesterday after new Prime Minister began to tackle the debt problem within the UK. He announces measures needed in order to avoid a national debt of around £700 Billion. With minimal economic data from the UK today, the Pound will continue to rise and fall as the levels of optimism within the UK economy fluctuate.

EUR

The Euro maintained its low levels as the insecurity throughout Eastern Europe, and particularly Hungary, remain cause for concern. The Euro fell to a fresh 4-year low against the US Dollar and a fresh 8-year low against the Japanese Yen. Today we will see the release of the German Current Account and the German Trade Balance for the month of April.

USD

The US Dollar remains extremely strong across the board as investor risk appetite took another hit with the announcement of the high levels of European Debt. This has a significant impact on global growth and therefore creates a Euro sell-off against the US Dollar.

 

Chris Canning.

 

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