MARKET NEWS 20TH JULY 2010
Good Morning,
GBP
The Pound fell to its lowest levels since early May yesterday as the Euro gained considerable strength throughout the day. The Pound also fell steadily against the US Dollar throughout the day. With no economic data released from the UK there was nothing to help support the Pound. Tomorrow, however, the UK Money Supply will be released could help the Pound.
EUR
The Euro gained against the Pound and the US Dollar despite the news that Moody’s had officially downgraded the credit rating of Ireland. The Irish Republics sovereign bond rating fell from Aa1 down to Aa1. This did not cause the Euro to weaken, however. The major economic data from Europe today will be the German Producer Price Index which is expected to rise from 0.9% up to 1.1% for the month of June.
Chris Canning.
Archive News
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