Daily Market News 11 May 2011

 

Market Movers Yesterday

• There was no data to report from the UK yesterday as sterling remained in a relative narrow trading range of less than one cent a head of tomorrow’s BoE inflation report.

• The main piece of data from the euro zone on Tuesday came in the form of a possible deal regarding Greece that could come as early as June in terms of its debt restructuring , this saw the euro gain over half a cent against the US dollar in mid morning trade. As Officials said the deal could total €27bn in 2012 and €32 in 2013.

• Data from the United States came in the way of the Import prices index, these figures came in better than expected both MoM and YoY however had very little impact on the greenback.

Market Movers Today

• The main data from the UK today comes in the way of the Bank of England quarterly inflation report. This report gives an insight into the MPC’s detailed economic view on inflation and interest rates and will be closely watched by investors.  Following the report will be a speech given by BoE chief Mervin King who will give his own comments and thoughts regarding all matters towards monetary policy.

• The only piece of data from the euro zone today is from Germany’s CPI, market Consensus  is looking for a slightly increase from 2.1% to 2.4% which would give the euro a lift being that Germany is a major economic leader within the euro zone.

• Figures for the year were in line with market expectations; however on the month we saw an ever so slight drop of 0.1% the euro remained unchanged in early morning trade.

• Trade balance is the only piece of data from the United States today where expectations are of a higher number; this could see the greenback trade lower against its counterparts as any higher number is seen economically negative for the United States.