The US dollar strengthened following the non farm release with EUR/USD hitting a low of $1.3095. This is in marked contrast to recent positive US figures that have improved risk sentiment among investors causing the USD to weaken.
Sterling also lost ground to the US dollar with GBP/USD down 1.5cents from Friday and is trading around the $1.5675 level early this morning.
Recent survey data for the UK has suggested that the economy has returned to growth in the first quarter. However, the latest industrial production figures fell unexpectedly by 0.4% in January undoing an identical rise in December. The manufacturing sector grew by just 0.1% while there was a sharp contraction in oil and gas production.
It was ruled on Friday that a credit default event had occurred following the Greek debt swap with private investors. This invokes the use of credit default swap (CDS) insurance contracts thought to be worth in the region of $3 billion. This should provide reassurance to the markets on the value of CDS insurance on holdings of Euro zone sovereign debt.
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