MARKET NEWS 1ST JULY 2010
Good Morning,
GBP
The UK GDP announcement was postponed yesterday. It was revealed that the announcement would be delayed by a couple of weeks in order to prevent any errors in the calculation. The Pound fell throughout the day against the Euro and the US Dollar and the lack of the GDP data meant the there was not any news to help boost the UK economy. Today the UK PMI will be released for the manufacturing industry. This is expected to fall from last months reading.
EUR
The Euro received a huge boost yesterday after it was revealed that the European banks borrowed less than originally thought. It had been feared that EU banks had borrowed a much larger amount from the European Central Bank. These loans were revealed at around €131.9 Billion, compared to the expected €150 Billion. This helped boost the Euro over a cent against the British Pound. European stocks also gained on the announcement. The day ahead will see the announcement of the German and European PMI.
Chris Canning.
Archive News
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