Daily Market News 4 April 2011

 

Friday’s market movers

  • From the UK we had the PMI manufacturing figure which came in worse and dropped to 57.1 Sterling fell against the Euro and the US Dollar from this information and this indicates further that the UK will not raise interest rates any time soon.
  • In the Euro zone we had the Germany PMI figures which came out as expected and EMU PMI which came out slightly lower than expected this had little effect on the market. We also had the unemployment rate from Europe which came in-line. These figures were good for Europe but in general there was more focus on the expected interest rise hike on Thursday next week.
  • In the US we had the Non-Farm payroll figure which came out better from 190k to 216k this was an increase of 26k more jobs created in the US. As well as this the unemployment rate dropped from 8.9% to 8.8%. This helped strengthen the US Dollar to as low as 1.5969 against the pound and to 1.4060 against the Euro. The market was forced back to fundamentals as it had a run of good figures for the US economy in the job sector. As well as this we had the ISM manufacturing figure from the US which came in-line. Later in the afternoon the US Dollar went back to risk appetite and filtered back above key levels of 1.6100.

Today’s market movers

  • The only piece of data released today from the UK is the PMI construction, the figure is expected lower at 54.8 from a 56.5 previous. This figure measures the business conditions in the UK’s construction sector. We could see the pound dip if the figure comes in negative.