Despite worse than expected revised GDP data from the UK on Friday, the pound strengthened against the euro amid rising expectations that the European Central Bank will move towards quantitative easing. A sharp slump in January industrial orders in the eurozone on Friday also prompted a flight from the euro, and this was exacerbated by comments from German Finance Minister Peer Steinbrueck about the stability of the euro if 'fiscal responsibility is not taken more seriously in Europe.'
The pound has lost some of its gains to the euro this morning following the release of Hometrack's housing survey for March, which showed that the average price for a home in England and Wales plummeted by a record 10.3 percent on the year in March.
Money Supply, Consumer Credit and Mortgage Approvals data will be released in the UK this morning, while Consumer, Industrial and Economic Confidence figures are due from the eurozone today, in addition to a speech by ECB President Jean-Claude Trichet.
No comments:
Post a Comment