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The markets took a battering last week with the re-emergence of the Eurozone crisis amid concerns over Spain’s need for an international bail-out to recapitalise its banking sector. The FTSE-100 ended the week down almost 100 points at 5,260 while on the currency markets EUR/USD plummeted to an 18-month low as investors took shelter in the liquidity offered by the US dollar and the Yen.

Sterling also looks vulnerable after a shockingly bad manufacturing survey. This will have come as a shock to the MPC who meet today (announcement tomorrow) and has increased the likelihood of more Quantitative Easing – more GBP in supply with same level of demand = lower price.

Sentiment was buoyed overnight by robust growth figures from Australia although the markets will be paying close attention to today’s ECB rate announcement and subsequent press conference.

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