Daily Market News 21 June 2011
Yesterday's Market Movers
- There was no market information from the UK or the US.
- The Euro strengthened slightly mid afternoon yesterday as EU minsters mentioned that the debt crisis in Greece is sustainable. This is only if Greece fulfils all of its commitments as an investigation team will visit Greece and discuss all technical levels such as spending cuts and tax hikes the EU/IMF will meet on July 3 to discuss this further. The EFSF guarantees the bailout will now rise to 780 billion rather than 440 billion. EUR-USD rose to 1.43 levels from these comments.
Today's Market Movers
- From the UK this morning we have the Public sector net borrowing, public net sector borrowing is a negative figure for the economy, this figure is expected to come in worse from 7.713 Billion to 16.300 Billion. We could see pound fall from this figure although it is a big change, we are likely to see a big movement for the Pound.
- From Europe this morning we have the German ZEW economic sentiment and current situation figures. Both figures are expected to come in worse, this could show weakness for the Euro today, although there is still more concern and speculation surrounding the debt crisis in Greece. There is still a delay as to when they will start the bailout package.
- From the US we have existing home sales MoM and YoY, these figures are also expected to come in worse, previous figures from the US shows that the US housing market has been struggling for positive figures this year, if fundamentals come in to play we could see US Dollar weakness.