Tuesday June 30, 2009 - 09:01:08 GMT
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Consumer Confidence in UK hits high notes
- Risk appetite spike up
- Key data releases in the US and Eurozone
- UK consumer confidence hits highest level in 14 months
Risk appetite has spiked up in the Asian session amid the frenzy quarter buying activity in the Wall Street, followed by a spike in energy prices also driving commodity stocks higher. This prompted gains for the Euro against the Dollar and Yen, which continue to be moved by waves of optimism despite the outlook for the global economy.
There are quite a few key releases in the US and Eurozone that might give the markets a more clear direction. Today we will have the June's Chicago PMI, which is expected to show an improvement. In the Eurozone we have the release of the M3 money supply for May and the HICP flash estimate for June, which is expected to show a sharp rise in the numbers of individuals out of work, pushing the unemployment rate to 8.3%, which can have weight on the single currency.
Good news in the UK overnight as the consumer confidence hits its highest level in 14 months, as consumers seemed to be more secure and comfortable about the outlook of their finances. Another good news was from the UK price report from Nationwide, were we saw prices up 0.9% over the month of June, compared to forecasts for a drop of 0.4%. This has helped the Sterling Pound to hit another fresh high in 2009, hitting $1.6728 in early morning trade. Despite the wave of good news, the sterling can suffer a hit, as this morning's release of revised Quarter 1 GDP data is expected to show a downward revision to the estimate contraction of 1.9%.Open a Forex Trading Account with Tamley
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