Daily Market News 22 Feb 2011 Market Movers Yesterday The only piece of data from the UK yesterday was from Right move house index; these were released slightly higher on YoY at 3.1%, yet lower MoM at 0.3%. There was very little movement on sterling due to traders adjusting their position ahead of the BoE minutes on Wednesday. Market Movers Yesterday The only piece of data from the UK yesterday was from Right move house index; these were released slightly higher on YoY at 3.1%, yet lower MoM at 0.3%. There was very little movement on sterling due to traders adjusting their position ahead of the BoE minutes on Wednesday. There was a string of data from the euro zone in the form of German PMI services and manufacturing. The services came in line with expectations however we did see the manufacturing come in slightly better showing that manufacturing in the Germany is stronger than other EU nations. This gave the euro a brief boost against the US dollar trading at 1.3718 before retreating lower in the afternoon session. Following Germany’s PMIs was the IFO climate; this saw an increase from the month prior and was also a factor in seeing euro gain against its counterparts. This showed that Germany is one of the few economies that has been pulling the Euro Zone out of troubled times. Whether it will be enough to sustain long term confidence is yet to be seen. Finally from the euro zone was the European PMI in the service and manufacturing sector, which also came out better than expectations which added views that the growth is gaining momentum ever so slightly. There was no data from the United States being that it was the Presidents day and Banks in the US were closed this added to a very narrow ranges against any currency trading against the greenback. Market Movers Today The only piece of data from the euro zone today comes from Germany’s GFK consumer confidence. This is a key piece of data and shows confidence within Germany as a nation and any improvement on last month could be seen as a euro positive. As like in the euro zone there is only one piece of data from the UK coming in the way of Public Sector Net Borrowing. These figures are looking to come in lower than previous, which is due to UK budget cuts having being implemented and could be seen a positive for the state of the economy, with sterling gain against it counterparts. We have a mixed bag of data in US. Firstly consumer confidence which is looking to show a healthy picture of activity whilst the Richmond Fed manufacturing index is showing a slight decline. These two pieces of information could cancel each other out if they come as expected.