Daily Market News 8 Mar 2011

 

Yesterday’s Market Movers

  • With regards to data in the currency markets, yesterday was a very quiet day with the only data coming from the Euro zone.
  • Yesterday morning saw the release of the Sentix Investor confidence which came out better than was expected, resulting in continued Euro strength which saw EUR/USD trading above the key 1.40 resistance level due to positive signs for the recovery of the Euro Zone.
  • Trichet also spoke yesterday, with the predictable effect of adding strength to the Euro as various topics were covered such as strategies to combat the growing concerns over inflation in the Euro zone.

 

Today’s Market Movers

  • It is a quiet day in the markets again in terms of data today, with German Factory orders producing the only notable piece of data. Whilst these are expected slightly worse YoY, the expected increase of over 5% MoM could add to the recent Euro strength although this could be in the context of growing inflationary concerns.

 

Highs and Lows

 

High

Low

Support

Resistance

GBP/EUR

1.1664

1.1580

1.1600

1.1670

GBP/USD

1.6341

1.6189

1.6200

1.6330

EUR/USD

1.4036

1.3953

1.3950

1.4025