Daily Market News 20 July 2011

Yesterday’s Market Movers

  • There was no data from the UK yesterday, however sterling looks to have recovered after last week’s slump to 1.5759 and however still looks to be struggling above 1.6000.
  • In the euro zone we had a mixed set of data from the ZEW survey where we so no are direction in the sentiment from Germany this figures had no figures had no real impact or the euro.
  • There was no real major data out from the US yesterday, however all the talk at the moment is from the US debt issue.

Today’s Market Movers

  • We have two pieces of data today from the euro zone, firstly coming in the form of German PPI which saw a higher number both on MoM and YoY this saw the gain against the US dollar. This is going a long way to show that despite all the problems within the euro zone Germany looks to be head shoulders above other EU nations.
  • The only piece of data from the BoE is in the form of The BoE minutes where the only concern would be any QE talk being spoken about to put sterling under pressure.
  • EMU consumer confidence is the second piece of data out, where a lower number is expected, in fairness with all recent concerns regarding contagion spreading across Europe these figures coming in lower won’t be that bad.
  • In the US we see existing home sales being released where a higher number is expected, given that he US housing market is a big part of the economy these numbers will be closely watched.