German Data Reinforces Sentiment

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Yesterday’s BoE minutes, which have weighed heavily on the pound, indicated a split in voting on the size of additional asset purchases, fuelling market speculation that the central bank may resort to further easing measures in the future. To compound the sterling/euro position, data just released indicates a better-than-expected improvement in the keenly awaited German IFO business climate index for February.

Weak PMI data in the Eurozone, coupled with a Fitch downgrade of Greece, did not have any impact on the Euro yesterday. Markets are now eyeing a heavy economic calendar in the US today for further direction.

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