With public holidays over much of Europe it will be a quiet day for the markets today.
Overnight the RBA unexpectedly cut Australian interest rates by 0.50 which caused the AUD to fall – GBP/AUD now back above 1.5700
This morning’s UK PMI Manufacturing data will be the main source of focus. It should, in the overall scheme of things, show the UK economy is in a much stronger position than the Eurozone.
An underlying current of concern continues to remain over Eurozone sovereign debt coupled with the upcoming French Presidential and Greek elections. Nonetheless EUR/USD has seen some support, helping the pair to remain tentatively above the 1.32 level.
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