Home > Resource Hub > Daily Market News > Euroland optimism up

Euroland optimism up

Euroland optimism up

Against the Euro, the Pound regained the 1.1740 area and failed to break 1.2500 against the Dollar managing highs of near 1.2480. Sterling benefitted from a quiet trading day and sentiment that is was a little undervalued.

CBI industrial orders printed an increase to 8 for February up from 5 the previous month and the strongest figure for two years. Export orders were above the long-term average and with 32% of companies expecting to raise prices, there will be further upward pressure on prices.

Bank of England Governor Carney will testify to the Treasury Select Committee today, although he will be careful to maintain a neutral stance.

Euro-zone consumer confidence declined to -6.2 for February from -4.9 in January which could suggest that growth momentum is fading. German producer prices rose 0.7% for January and the annual increase at 2.4% was the highest rate since March 2012. The Bundesbank monthly report showed industrial and construction activity increased expectations of further strengthening in the German economy.

The Eurogroup meeting on Greece agreed that there would be a new summit on Greece during March with a promise that there would be a move away from austerity towards deeper economic reforms. The French Presidential election remained an important focus with opinion polls suggesting that National Front leader Le Pen had strengthened her position in first-round opinion polls.

The US market was shut for President’s Day yesterday, a bank holiday celebrating all who have served as President.

Data to watch: EcoFin meeting. 8.30am EUR German Markit Services, Manufacturing & Composite PM. 9am Eurozone Markit Services, Manufacturing & Composite PMI. 9.30am UK Public Sector Net Borrowing. 10am UK Mark Carney speech & Inflation Report Hearings. 2.45pm US Markit Services, Manufacturing & Composite PMI

Share this case study
Set yourself up in minutes, make payments the same day: it’s free, easy and without obligation.