MARKET NEWS 17TH MARCH 2010
Good Morning,
GBP
After an initial fall at the UK open, the Pound continued to climb throughout the day, and hit a high above $1.52 against the US Dollar. The US Dollar traded lower as risk appetite increased, and investors looked to move their money into higher yielding assets. The Pound was boosted by news that UK House Prices were on the up, together with recent election polls suggested that the Conservative party may have an increasing majority. The day ahead will see the release of the UK Bank of England minutes from the recent interest rate decision. The UK Unemployment Rate for the month of January will also be announced.
EUR
European ministers downplayed the risk of a Greek default. It was announced that Greece had been removed from the Negative Credit Watch. This added confidence into the Euro, and it picked up against the US Dollar throughout the day. However, the German ZEW Economic Sentiment survey dipped from 45.1 to 44.5. This was not as bad as the 43.7 which was expected.
USD
The US Dollar dropped off on the back of an increase in investor risk appetite and renewed confidence in Europe and the United Kingdom. The Fed kept rates on hold, as expected, whilst the number of Housing starts fell from 0.59 Million down to 0.57 Million. Today the US Producer Price Index will be release for the month of February.
Chris Canning.
Archive News
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