GBP
Whilst there was a lack of economic data released yesterday the GBP made gains
against all of its major counterparts. Ongoing uncertainty regarding the
Eurozone has left analysts with a lack of confidence in the Eurozone causing a
sell off and further investment in the Pound, this we believe has been the
major reason for the rise of Sterling today.

In a report by the Financial Times, 437 Business leaders were surveyed

GBP
Whilst there was a lack of economic data released yesterday the GBP made gains
against all of its major counterparts. Ongoing uncertainty regarding the
Eurozone has left analysts with a lack of confidence in the Eurozone causing a
sell off and further investment in the Pound, this we believe has been the
major reason for the rise of Sterling today.

In a report by the Financial Times, 437 Business leaders were surveyed
throughout 32 countries, 76% said a British exit would damage the performance
of the U.K economy. Close ties between the U.K and the rest of the Eurozone
risk being damaged; with the exit of the U.K from the Eurozone damaging future
trade balance (trade balance is importing and exporting).

Also in the headlines, the latest UK general election poll by Populas puts
conservative and Labour both tied at 33%. This once again outlines the
uncertainty regarding the result of the U.K election and which policies the
country will adapt over the next term. 

USD
The Dollar had a mixed day yesterday after an extremely negative trade balance
was released from China, showing exports fell by 14.6%. With the consensus
being a drop of 45.35 billion dollars, this has caused a lack of confidence in
China leaving analysts investing their money in the Dollar’s safe haven status.
The U.S had 3 month and 6 month Bond auctions yesterday which were relatively
successful, with yields rising on average 0.01%. 

EUR
There were rumours in Greece that an early election was going to occur however
this was quickly abolished by the Greek Government yesterday who also announced
that Athens are looking for an agreement with Creditors. Whilst there were
rumours yesterday of failed Italian Bond Auctions, Italy sold 7.5 Billion
Euro’s worth of 3 year, 7 year and 15 year bonds. It was reported that
technical talks between Greece and its lenders were expected to commence
yesterday, in order to prepare for a finance ministers meeting on 24th
April. 

Key Announcements
GBP: 9:30 – Core Consumer Price index (Year on
year)
USD: 12:30  – U.S Retail Sales (MoM March) expected to rise to 1.1% from
-0.6%
EUR: 9:00 – Industrial Production w.d.a (YoY) (Feb) expected to fall to 0.7%
from 1.2%

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