MARKET NEWS 23RD JULY 2010
Good Morning,
GBP
The Pound boosted in strength yesterday morning after the UK Retail Sales were released much better than expected. It was expected that the Month-On-Month Retails Sales would declined from 0.8% down to 0.5% for the month of June. However, the actual result came out at 0.7% which beat analysts’ expectations. The day ahead will see the Q2 Gross Domestic Product. This is a measure of UK economic activity is expected to be released at 0.6%. If the actual result is higher, then the Pound may well continue to strengthen.
EUR
Yesterday the European Consumer Confidence gained from -17 up to -14. Similarly, the European PMI for the month of July was better than analysts’ expectations. It was expected that the Manufacturing PMI would fall from 55.6 down to 55.2, but actual data showed a fall down to only 56.5. The day ahead will see the release of the German IFO ratings. This is a measure of how well the European economy is fairing since recovering from recession. The most important news today will be the results of the European Bank Stress Tests. This will move the markets depending on whether they are positive or negative for the European banks.
Chris Canning.
Archive News
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