The US seem to have eased some market fears last night, as the US Federal Reserve has confirmed that they will continue with their current economic policy and will maintain near zero interest rates until 2013. This move has helped calm markets and already the Asia markets showed gains today from the previous two days of sharp declines. The US has decided to adopt this approach to provide some stability to what seems to both a very erratic and slow recovery.
The riots in the UK continued last night spreading further afield with Manchester and Birmingham receiving a lot of press attention. The police were out in force and vandalism was kept to a minimum. This news is weighing on Sterling at the moment especially as we continue to see poor data from the UK. The Pound has been reliant on weakness in other currencies and has performed reasonably well in the past couple of weeks. The last thing that Sterling needs now is negativity as this could see a further short term slump in its value.
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