EUR

German industrial production orders increased to 4.8% for
the month of February. Also Sentix Investor Confidence increased to 14.1 in
April from 13.9 in March.

As a result we did see some strength in the euro yesterday,
especially against the US dollar but gains were limited against the pound.

GBP

EUR

German industrial production orders increased to 4.8% for
the month of February. Also Sentix Investor Confidence increased to 14.1 in
April from 13.9 in March.

As a result we did see some strength in the euro yesterday,
especially against the US dollar but gains were limited against the pound.

GBP

Data this morning from the UK threw in a surprise with both
industrial and manufacturing output exceeding expectations rising to 2.7% and
3.8% respectively.

The data drove the pound higher initially and has continued
to climb throughout the day, rising close to 2 ½ year highs against the US
dollar and a 1 month high against the euro.

USD

In the absence of any data the US dollar weakened today and
today as markets remain cautious ahead of Fed Chair Janet Yellen’s monetary
policy speech tomorrow evening. Yellen has recently talked in a dovish tone
about the US economy and a result this has caused markets to be more weary as
to if the Fed will continue to taper its current stimulus programme by US$10bln
per month.

Key Announcements:

15.00pm – GBP – NIESR GDP Estimate (3M) (Mar): Previously at
0.8%