Daily Market News 27 May 2011

Today's Market Movers

  • There was no data out from the UK yesterday during the day, however late in UK we had GFK consumer confidence which was released far better than market expectations and saw sterling trade higher against its counterparts.
  • Following the same pattern as the UK there was no data out from the euro zone yesterday.
  • In the United States on Thursday we had two pieces of important data in the form of US GDP and initial jobless claims. Initial jobless claims and US GDP both came out worse than market expectations this saw the greenback weaken both against pound and euro.
  • A weak set of US figures will only give the notion that the Federal Reserve will remain cautious when it comes to monetary policy within 2011.

Yesterday's Market Movers

  • There is very little data in the UK today and being that we have a UK bank holiday on Monday there should be very little trading today with dealers and banks not wanting to take positions over the weekend.
  • The only piece of data from the euro zone today will be from European consumer confidence, where markets expectations are of a slightly lower number.  These figures are important and will have impact on the direction of the euro today.
  • There is a string of US data today, coming in the form of Pending home sales, Michigan consumer sentiment which will all have an impact on the greenback today. Pending home sales are looking to come in lower backing up the notion that the US housing market is still on shaky ground. The Consumer confidence on the other hand is looking to come in better showing that people are willing to spend money.