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There was an unexpected piece of good news with yesterday’s services PMI surging to a 13 month high of 57.1 in March from 52.6 in February – with anything above 50 indicating growth. This 4.5 point rise in the index is the second biggest increase since the survey started in 1996, only exceeded in January [...]

Well who would want to be an MPC member right now? This morning, Ed Balls is cited in the press criticising King’s effective endorsement of the coalition’s austerity measures, they have critics claiming inflation is out of control and even a member of the MPC committee, Andrew Sentence, effectively saying policy has been wrong and [...]

After recent weakness against many of the majors, the Dollar is finally back in vogue it seems, at least looking at its performance over last week and into this week. New and fresh synonyms for ‘risk aversion’ and ‘risk appetite’ are becoming increasingly difficult to fabricate… read more

With the decent news out for the UK this morning we should see a bit of a rally in the pound and hopefully reverse the losses from earlier in the week. With only the US jobless claims this afternoon it could prove to be a bit more of a positive day for the proud pound… read more

Risk remains very much the driving force for FX markets as they fret about the extent of slowdown in the US economic recovery and the state of the global economy. Concerns about Eurozone peripheral economies have also intensified again, putting additional pressures on the euro and preventing it from benefiting from Friday’s news of stronger than expected Q2 GDP growth. As result we have the weaker EUR and stronger USD.

Friday’s [US] GDP figures which came in weaker than expected, although only slightly, which has backed up the general view that the US economy will start to drag as the stimulus measures are gradually withdrawn … read more

On friday the one release which did make the markets take note was the surprising uplift in UK GDP, surging past the expected 0.6% QonQ increase to 1.1%, catching many by surpirse. There were several mitigating factors for this…read more

The Pound stayed roughly range bound yesterday as news that Standard & Poor were keeping their negative watch on the UK’s AAA credit rating, was later countermanded by a stock market recovery…read more

The Pound gained some support from the OBR report, and has managed to keep above 1.47 into this morning. Sterling has also managed to make some modest gains against the single currency, pushing up towards 1.21 even as the Euro itself benefited from some decent economic data…read more

Fitch has said that the UK faces ‘formidable’ challenges and needs a more ambitious plan to cut the deficit, and these comments dragged the Pound down to 1.4350 against the Dollar, and towards 1.2050 against the Euro. Listening to a representative of Fitch on the radio this morning, the statement was intending to say that there needed to be a more ambitious plan for the deficit compared to the last budget in April…read more

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