MARKET NEWS 3RD JUNE 2010
Good Morning,
GBP
The Pound gained strength against the US Dollar yesterday after UK Mortgage Approvals increased more than analysts had expected. This surge of activity was also echoed with the UK Construction PMI which increased despite many economists expecting a fall. This comes a day after the rise in Manufacturing PMI. Today the Services PMI is expected to be announced for the UK.
EUR
After a disappointing day on Tuesday, the European economic data releases were mildly better on Wednesday. The European PPI gave the Euro a boost after it showed a 0.9% increase for the month of April, greater than the 2.6% rise which analysts had expected. Today the German and European Services PMI will be released along with the European Retail Sales. It is expected that the Retail Sales will show signs of a European recovery.
USD
In increase in investor risk appetite during yesterday afternoon trading session saw the US Dollar decline. This was triggered by a greater than expected increase in US Pending Home Sales. These rose by 6%, much greater than the expected 4.9% increase which analysts had forecasted. Later today the US Employment Change will be announced together with the Non-Manufacturing ISM.
Chris Canning.
Archive News
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