Market movers Yesterday
The only piece of data from the euro zone yesterday came out in the form of Germany’s GFK consumer confidence. This data came out positive and showed confidence within Germany as a nation and saw euro strengthen slightly.
UK data came in the way of Public Sector Net Borrowing. These figures produced a surplus which is due to UK budget cuts having been implemented and is usually seen as a positive for the state of the economy. Sterling gained against its counterparts.
We had two important data out from the US. Firstly consumer confidences and the Richmond Fed manufacturing index which both came out positive for the US. These results showed slight spike in risk appetite in the market. However this was over shadowed by the crisis in North Africa and the Middle East and resulted in risk aversion, supported by a two year high in crude oil.
Market Movers Today
In the UK we have two important data’s out. The first being Mortgage application which is expected to come out higher than previous and may show a road to recovery for lending in the UK , but this is a comparison to the month of December in which mortgage application are seasonally lower. The second Piece of data is the most crucial, BOE minutes which will see all eyes on the market to see whether there is further speculation of an interest rate hike.
There is no significant data out in the Euro Zone today.
The final data out today is from the US. Existing home sales are expected to come out positive along with Mortgage applications; however this may have little effect on the Market as this may still be overshadowed by the crisis in Libya.