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Pick a card, any card

Pick a card, any card

Yesterday’s trading against the EUR was much more cautious than on Monday, with only minor fluctuations recorded through the course of the day. Again, the GBPUSD was more erratic and choppy trading saw a range of more than a cent in Tuesday’s session. The Pound’s fortunes and those of the wider market are still tied closely to the unfolding story in the Eurozone with more developments regarding Greece emerging as the day wore on.

The pattern seems to be this: Greece reaches out to its trade and political partners in order to attempt a deal and resolve their debt woes….only to then have the deal scuppered in some way very close to the denouement. Yesterday we learned that, again, Greece was looking for a deal in some form.  There were even reports that the ruling party would switch their position to encourage Greeks to vote a ‘yes’ on the upcoming referendum if the deal could be done. There is a conference call this afternoon at 15:30 to discuss the latest potential deal.

The UK has been bathed in sunshine this week and, in addition, has had economic growth figures upgraded from 0.3% to 0.4% for quarter one of this year. In this first quarter, of course, we had the British general election. Elections do tend to have a slowing effect on the economy and so, to be upwardly revised, can be interpreted as a positive sign in terms of hitting growth targets for the remainder of the year.

Today Bank of England Governor, Mark Carney, is talking on the wires. We have received the Markit manufacturing Purchasing Managers Index and this displayed a slight contraction. Later during the day the US Manufacturing Purchasing Managers Index is expected, and forecast for a slight improvement the last figures to be produced. These aside, the weight of expectation is on the Greek situation to be resolved or for them to undergo one of the alternative, permanent default options available to them.

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