Daily Market News 9 Mar 2011 Daily Market News 9 Mar 2011 Yesterday’s market movers UK retail sales were down 0.4% last month after a 2.3% rise in January. RICS house price came out flat at -26% as expectation in February. These did not affect sterling movement in the middle of the night in the Asian session. German factory orders came in better MoM and worse YoY. The growth of January indicates an expansion in the German economy and could be an inflationary factor. We might see the Euros be pushed by it in a short term. We did not have any data in significance from the US. Today’s market movers UK Goods Trade Balance is due to come out from the previous £-9.247bn to the expectation £-8.5bn. This could show an increase of the exports in UK which should be positive for the economy and sterling. However, Mervyn King spoke the other day about the high oil price would be an obstacle of increasing the interest rate according to the general speculation, the pound will probably lose the momentum on the back of it. All eyes will be on the BoE Interest Rate Decision tomorrow for further indication. German Industrial Production MoM and YoY will be released later, both of which are predicted to be better than previous. It will possibly bullish the Euros if it comes out as the analysts expectation. But if the markets still pay attention to the US dollar and the record high gold/oil price, the Euros might not perform outstandingly. There is no data coming out from the US today.
