Daily Market News 3 May 2011

 

Thursday 28th Market Movers

• The unemployment rate in Germany came out slightly worse than expected but this failed to have any real impact due to the state of affairs for the greenback at the moment.

• Initial jobless claims came out worse than expected in the US, adding to the USD weakness that is dominating the markets at the moment.

• Good data from the US in the form of a positive GDP figure and increased pending home sales failed to add any strength to the weak USD.

Friday 29th Market Movers

• Despite no data from the UK on Friday, it was a busy day in the EU. German retail sales began the day and were followed by consumer confidence for the EMU as a whole that was expected worse than previous.

• The Unemployment rate in the EMU was expected to come in flat.

• There was also some positive data expected out in the US on Friday with both the Reuter’s Michigan Consumer Sentiment Index and Personal Income figures expected to reflect positively for the US, although both actually came in lower than expected, adding to the ongoing troubles for the USD.

Monday 2nd Market Movers

• There was no data in the UK yesterday due to a public bank holiday, although we saw good figure for the EU as German PMI came in better than was expected. The PMI figure for the EU as a whole also followed suit, coming in better than the consensus.

Tuesday 3rd Market Movers

• EMU PPI is expected to come in flat today which could see little movement in the markets.

• US Factory orders are expected to come in substantially better than previous which could see some recovery for the USD, however if this comes out worse than expected we could see continued USD weakness.

Currencies	High	Low	Support	Resistance
GBP/EUR	1.1296	1.1210	1.1190	1.1270
GBP/USD	1.6741	1.6644	1.6500	1.6650
EUR/USD	1.4903	1.4763	1.4750	1.4800