Market news

25.05.2011, 12:12

European session: The pound strengthened

Data:

08:30 UK GDP (Q1) revised 0.5%

08:30 UK GDP (Q1) revised Y/Y 1.8%

06:00 Germany Gfk Consumer Confidence Survey (Jun) 5.5

The pound strengthened against the dollar and euro as a report showed U.K. exports helped the economy resume growth in the first quarter, outweighing the biggest slump in consumer spending in almost two years.

Britain’s currency appreciated against all but one of its major peers. Gross domestic product expanded 0.5 percent in the first three months of this year, matching an initial estimate, data showed today. Exports rose 3.7 percent in the quarter and net trade added a record 1.7 percentage points to GDP growth. Consumer spending dropped 0.6 percent, the most since the second quarter of 2009.

The euro fell against major counterparts on concern a solution to the European debt crisis has yet to be found, threatening the region’s economic recovery.

EUR/USD: the pair shown low in the field of $1.4000 then restored in around $1.4070.

GBP/USD: the pair become stronger in around $1.6200.

USD/JPY: the pair bargained within the limits of Y81.80-Y82.10.

US data continues at 1230GMT when durable goods orders are expected to fall 2.6% in April after rising a revised 4.1% in March. Boeing reported only 2 aircraft orders in April, down sharply from the 98 orders reported in March. US data continues at 1400GMT with the FHFA Home Price Index and then at 1430GMT with the weekly EIA Crude Oil Stocks data.

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