Daily Market News 6 April 2011 Daily Market News 6 April 2011 Market Movers Yesterday Tuesday saw a string of European data from the euro zone, firstly from European retail sales these were expected to come in better than the month prior given possible reason for the ECB to re think there view on interest rates. However being that both figures came out lower it reiterated their stance on higher rates to combat inflation this did see euro come off against the pound and US dollar. PMI from Germany and the euro zone were the second piece of data released. German PMI were released in line with last month’s figures, however European PMI came out slightly better yet, being that all investors focus is being turned to Thursday ECB interest rates figures. These figures had little effect towards the euro. The only piece of data from the UK was also from the PMI services sector. These figures were released better than expected, from the month prior and saw Sterling trade at its highest level against the US dollar since March 24th at 1.6278 and 1.1473 with the euro on renewed expectations of a near term rate rise in the UK. The only piece of data from the United States was from the FOMC minutes, where they reinstated their current position to continue purchasing bonds and that interest rates would remain on hold. This saw the greenback fall over night as it traded as high as 1.6363. Market Movers Today The only pieces of data from the UK today come in the form of manufacturing and industrial production. This figures are important and dominate a large part of UK GDP and any positive numbers will be seen as sterling positive and may give some relief to the notion that interest rates may need to been raised. In the euro zone we have an important piece of data in the way of European GDP, on the MoM we are looking for a small decline however on the YoY we could possibly see a small increase. If these both come in positive we could see support to an already strong euro and will be closely watched by the ECB regarding their decision on interest rates on Thursday. In the United States there is no major data to be released.