Friday’s market movers
- First data was from Germany, the Trade Balance February, which came out worse than the previous 11.8Bn and expectation 14.2Bn, with a result of 11.4Bn. The market was not affected by the negative data since the main concentration was on the bailout plans for Portugal from the EMU.
- Main fundamental mover was the strong UK Producer Price Index March, which improved on both Output and Input. The output monthly is 0.9% from the previous 0.5%, and the yearly is 5.4% from the previous 5.3%. The input had a 3.7% figure in March from the 1.4% in February MoM. Although input YoY was 14.6% YoY in March from the 14.9% in February, it is much better than the market consensus 13.2%.
Today’s market movers
- The only piece of data we will have out today is UK RICS House Price Balance, which shows the housing costs in UK. The MoM is predicted to be -23%, better than the previous -26%. Over the whole UK housing market data for March, we saw an improvement of the prices, (Rightmove House Price Index, Nationwide Housing Prices, or Halifax House Prices.) If the data comes out as expected, we might see a further support for the soaring Sterling.