MARKET NEWS 7TH APRIL 2010
Good Morning,
GBP
The Pound experienced and extremely volatile trading day against the Euro yesterday. After initially falling as a result of political insecurities and the looming threat of a hung parliament, the Pound then proceeded to climb during the afternoon to a high of €1.1390. The UK Construction PMI increased more than expected from 48.5 up to 53.1 for the month of March. The figure is above 50 so indicates an increase in economic conditions.
EUR
The Euro declined against the US Dollar on the back of news that the Eurozone may be put under stringent control should Greece accept the aid from the IMF. This caused a Euro sell-off and trading levels fell. The day ahead will see the release of the 4Q Gross Domestic Product for the European Monetary Union, and the German Factory Orders. It is also expected that the European Produce Price Index will increase from -1.0% up to -0.4%.
USD
The major economic data released yesterday was the minutes from the recent FOMC meeting. It was announced that the US Federal Reserve are likely to maintain low interest rate levels for an “extended period”. It is now under question if the Federal Reserve will hike interest rates during 2010.
Chris Canning.
Archive News
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