Upbeat comments from the Confederation of British Industry (CBI) that domestic economic growth will gather pace in the second half of this year has come as a positive surprise to market participants. However, the new found optimism in the Eurozone, on the back of the much awaited Greek Parliamentary approval for the austerity bill, has tilted the scale in favour of the Euro against the Pound.
In the US, Barack Obama’s fiscal 2013 budget proposals to Congress are in focus today, especially with rating agencies raising concerns in recent times over the country’s debt levels.
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