Daily Market News 4 May 2011

 

Yesterdays Market Movers

• Sterling tumbled against its majors after weaker than expected PMI figures. This saw the GBP index fall to 78.8, it weakest reading since October 2010.

• EU PPI figures came out as expected MoM and stronger YoY. This saw strength added to the Euro and continue to adversely affect GBP.

Todays Market Movers

• The first pieces of data out today for the UK, have come out already. These are the nationwide house prices which both MoM and YoY have come out considerably worse than expected than previous, this may well see GBP weaken off further today.

• The next piece of data out this morning is Mortgage Approvals which are also expected to come out worse and could see sterling remain on a bearish trend.

• We have PMI figures being released for both Germany and Europe. These are expected to come in slightly worse and may stem the flow of Euro strength, however if we see them come in any better at all we could see a bullish trend for the Euro yet against. Along with this in the Eurozone we have retail sales figures which are also expected down.

• In the US we have the ADP Employment Change which is expected down and ISM manufacturing which is expected to come in slightly better.