Daily Market News 24 June 2011

Yesterdays market movers

  • There was no market information released from the UK yesterday although Sterling traded at a 3 month low against the US Dollar as low as 1.5937
  • From the US we had the initial jobless claims figures and the US home sales figures. Jobless claims came in at 429k from 414k which shows the labour market is still weak. New home sales figures also decreased for the first time in three months which shows the industry is struggling to gain momentum. This failed to weaken the US Dollar as there was a lot of risk aversion in the markets.

Today’s market movers

  • There are no figure released from the UK today
  • From Europe we have the IFO current assessment, expectations and the business climate all expected slightly worse than previous, we could see the Euro weaken slightly from the figures, although there is still more lime light surrounding Greece’s debt problems and fundamental do not seem to be the issue in Europe at the moment.
  • From the US we have gross domestic product, durable goods orders and durable goods ex transportation, the figures are mixed expectations, it will be interesting to see whether these figures drive the markets back to fundamentals, it looks as if risk aversion and US Dollar strength will continue.