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No sigh of relief

No sigh of relief

The balance of yesterday’s economic news did little to lift the mood among international investors. Indeed many reports are reinforcing the expectation that policy makers in many countries will take further supportive measures to boost growth and relieve financial stresses i.e. pumping economies with more money through measures such as quantitative easing.

The preliminary reading of the HSBC China manufacturing index fell. This highlights the fact that the broad slowdown in factory activity is being felt in China as well as in the West.

An improvement in the weather saw UK retail sales rebound in May after the wettest April on record.

Economic news was topped off overnight by credit ratings agency, Moody’s, downgrading 15 major global financial institutions.

Overall this combination of news strengthened the USD and weakened EUR – the slightly positive news for GBP limited the fall in GBP/USD and brings GBP/EUR comfortably above the 1.2400 mark.

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