MARKET NEWS 2ND JULY 2010
Good Morning,
GBP
The UK Bank of England Manufacturing PMI was released yesterday and fell in line with expectations. This fell from 58.0 down to 57.5. The Pound fell throughout the day, however, against the Euro but picked up against the US Dollar. Todays Constuction PMI is likely to be of little influence to the rates of exchange as more influential data is due to be released from the US and Eurozone.
EUR
The Euro gained in strength against the US Dollar today up to a high above 1.2480. This still follows the news that the debt within European banks is not as big as expected, and should therefore prevent any major bank collapses in the near to mid term. Today the European Unemployment Rate will be revealed and is expected to remain steady at 10.1%.
USD
The US Dollar fell against the British Pound as the US experienced several disappointing economic data releases. The Manufacturing ISM fell from 59.7 down to 56.2 whilst the Pending Home Sales fell from 6.0% down to -30.0%. The day ahead will see the all-important Non-Farm Payrolls and the US Unemployment Rate. It is expected that the Unemployment will rise from 9.7% up to 9.8%.
Chris Canning.
Archive News
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