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Better US data cheers the markets
Published: 29 May at 11 AM Tags: Euro Exchange Rate, Forex, Swiss Franc Exchange Rate, Euro Crisis, Yen Exchange Rate, UK, Economy, Inflation, Spain, France,
Better than expected US data sparked the markets into life in this short trading week yesterday.
Sentiment was boosted by a better than expected House price data which surged to a seven year high. In addition, data showed that US consumer confidence surged to a five-year high.
Sentiment was also boosted by comments from a European Central Bank board member who said that the bank could still cut interest rates if needed to support the economy and that the “possibility of further easing was not exhausted”. In addition, minutes from the Bank of Japan’s latest meeting released this weekend showed that policymakers remained committed to their recent aggressive easing action until inflation reaches their 2% target.
Today, the European Commission is scheduled to issue country-specific recommendations to member countries based on a detailed assessment of the economic, employment and budgetary situation in each country and on the policy plans they have submitted. The Commission is expected to shift its emphasis away from austerity measures towards structural reform in order to spur economic growth in the region. It is thought the Commission will recommend further budgetary, structural and growth-enhancing measures which member states should adopt over the following 12 months. It is widely predicted that France, Spain and the Netherlands are expected to be officially granted additional time to meet the 3% deficit target, while Italy is seen exiting the Excessive Deficit Procedure.
In the UK, data out from the Confederation of British Industry (CBI) yesterday showed that the UK consumer services sector staged a notable turnaround in the three months to May with companies in the sector seeing business volumes rise at their fastest pace since August 2007.
Nevertheless, Stephen Gifford, CBI Director of Economics commented that “Conditions remain tricky, with consumers still grappling with a squeeze on real incomes, and business confidence vulnerable to any adverse developments in the global economy.”
Sentiment was boosted by a better than expected House price data which surged to a seven year high. In addition, data showed that US consumer confidence surged to a five-year high.
Sentiment was also boosted by comments from a European Central Bank board member who said that the bank could still cut interest rates if needed to support the economy and that the “possibility of further easing was not exhausted”. In addition, minutes from the Bank of Japan’s latest meeting released this weekend showed that policymakers remained committed to their recent aggressive easing action until inflation reaches their 2% target.
Today, the European Commission is scheduled to issue country-specific recommendations to member countries based on a detailed assessment of the economic, employment and budgetary situation in each country and on the policy plans they have submitted. The Commission is expected to shift its emphasis away from austerity measures towards structural reform in order to spur economic growth in the region. It is thought the Commission will recommend further budgetary, structural and growth-enhancing measures which member states should adopt over the following 12 months. It is widely predicted that France, Spain and the Netherlands are expected to be officially granted additional time to meet the 3% deficit target, while Italy is seen exiting the Excessive Deficit Procedure.
In the UK, data out from the Confederation of British Industry (CBI) yesterday showed that the UK consumer services sector staged a notable turnaround in the three months to May with companies in the sector seeing business volumes rise at their fastest pace since August 2007.
Nevertheless, Stephen Gifford, CBI Director of Economics commented that “Conditions remain tricky, with consumers still grappling with a squeeze on real incomes, and business confidence vulnerable to any adverse developments in the global economy.”
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Source: moneytransfer.co.uk