MARKET NEWS 16TH MAY 2010
Good Morning,
GBP
The Pound picked up against the Euro during yesterdays trading session. The UK GDP showed a modest increase compared to Q4 2009, which indicates further levels of activity within the UK economy. There was also a 1.2% rise in manufacturing activity throughout the UK which is the highest increase in three years. There will be minimal economic data releases from the UK during today.
EUR
The Euro fell against most major currencies as investors continued to sell the 16-nation currency. There were deep concerns regarding the stability of the whole Eurozone, and especially the strength of the European banking systems. There will be minimal economic data releases from the Eurozone throughout today.
USD
The US will dominate today’s currency movements. The release of the US Durable Goods Orders and News Home Sales will create volatility in the markets. These will be combined with a speech by Ben Bernanke who will comment on the current status of the US economy.
Chris Canning
Archive News
This commentary is generic and may not suit all circumstances. Before taking any action, we recommend either contacting your trader for guidance or obtaining independent financial advice. The information in this document was obtained from sources believed to be reliable but its accuracy and completeness cannot be guaranteed. The views and recommendations in this communication are typically short term trading views. Comments constitute views at the time of writing and are subject to change without notice. The rates shown are all indications. For specific quotations, please contact your usual trader. This document is not intended as an offer, solicitation or recommendation to buy or sell.