MARKET NEWS 10TH MARCH 2010
Good Morning,
GBP
The Pound fell against the US Dollar and the Euro yesterday on the back of worse than expected UK economic data. The UK Trade Balance was expected to show a modest tightening, but actual data showed a widening through to £3.8 Billion. Trade levels fell to a low of $1.4935 against the USD. The day ahead will see the Industrial and Manufacturing Production for the month of January, together with the latest GDP estimate from the National Institute of Economic and Social Research.
EUR
The Euro once again fell against the US Dollar with the latest report from the European Union over the current financial situation on Greece. New measures were passed in an effort to reduce the Greek deficit to 8.7%, however this will happen through a series of significant tax increases. The day ahead will see the release of the German CPI and Trade balance. Analysts believe that the German Trade Balance will increase from €16.6 Billion up to €16.7 Billion.
USD
The Dollar gained against the major currencies yesterday on the back of poor performance from the European nations. Today there is limited amount of data released from the United States and so the market movements are likely to take direction from Europe and the United Kingdom.
Chris Canning.
Archive News
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