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Market Update - GBP EUR The Pound to Euro exchange rate reached a 4-month high of 1.2150 over the Easter weekend as fears of a technical recession in the UK cooled down and a culmination of events favoured the Sterling currency. Strong UK PMI data for Manufacturing, Construction, and Services in March trumped Eurozone figures and boosted the Sterling to Euro exchange rate. The British results were all above the 50.0 level that marks growth from contraction whereas the Euro figures all fell below the mark. The theme of positive news for the UK economy and negative news for the 17-nation bloc continued with statements from their respective central banks. The Bank of England refrained from further stimulus in the form of Quantitative Easing, which eased pressure on the Pound, however European Central Bank President Mario Monti gave a speech in which he spoke of the considerable 'downside risks' that remain on the single currency and this weighed on the Euro. The Eurozone was dealt another blow as a poor Spanish debt auction saw 10-year yields rise to 5.8% which stoked fears that the sovereign debt crisis could rumble on for some time yet, despite the ECB's extensive efforts. Looking forward to the week ahead and the main points of interest are the ECB's Monthly Report, which is likely to simply reiterate the message from last week's press conference, and German Consumer Price Index, which is predicted to show that inflation remained at 2.3% through March. Neither release is expected to have an earth-shattering effect on the market, so the direction of GBP/EUR this week will largely depend on whether investors are looking to punish the Euro further or take up profit-taking stances as the Pound approaches a 19-month high against the single currency. Heads Up:
Summary of major upcoming data releases that we think may move the market. | Date | Time | Issuing country/region | Data Item | Market Expectation | Market Sensitivity | | | | | | | | | April 9th | 09:00 | UK | UK RICS House Price Balance (March) | -13% | | | April 9th | 08:30 | EUR | Eurozone Sentix Investor Confidence (April) | -9.1 | | | April 12th | 08:00 | EUR | ECB Monthly Report (April) | | | | April 12th | 08:30 | UK | UK Visible Trade Balance | -£7,650 | | | April 13th | 06:00 | EUR | German Consumer Price Index (YoY) (March) | 2.1% | | | April 13th | 08:30 | UK | UK Producer Price Index Input (YoY) (March) | 4.8% | | | April 13th | 08:30 | UK | UK Producer Price Index Output (YoY) (March) | 3.5% | | | | | | | Sensitivity | | | | | | | Medium | | | | | | | High | | If you need any further assistance, or require a live dealing quote - please do not hesitate to contact me on 01736 335250 or send an email to info@torfx.com Regards,
TorFX 
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