Daily Market News 5 April 2011

 

Yesterday’s Market Movers

  • The only piece of relevant economic data yesterday came from the UK in the form of UK PMI, this figure came out better than expected and than previous. This alongside information from the company Vodaphone who recently sold a massive share in France’s SFR helped sterling make some gains this morning against most of its major counterparts.

Today’s Market Movers

  • The first piece of information today is the German Purchasing manager’s index for the services sector, this is expected to come out better than expected. If this figure does come out better we are then expecting to see the EU Purchasing manager’s index come out better. This is just another strong figure for the euro and could further the gains across the board.
  • The second piece of data from Europe today is Retail Sales YoY and MoM. Both these figures are expected slightly worse than previous showing us that the EU economy is calming down slightly, will this figure have an effect on Thursday’s ECB rate hike decision.
  • From the UK today we also have UK Purchasing manager’s index figure which is expected the same as previous however any figure above 50 is strong for the pound. This may see some investors move into the pound creating some strength for the day.
  • From the US today we have ISM Non-Manufacturing for march , this is expected slightly worse than previous , this figure does not influence in anyway the US GDP so may have little effect on the USD.