US Data Provides a Fillip

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The initial disappointment over the ECB's failure to act at its policy meeting faded on Friday, as stronger than expected US non-farm payrolls data prompted traders to move towards high yield currencies. The Pound and the Euro seem to have taken a breather this morning and keenly await the speech by the US Fed Chairman later today to gauge the prospects of QE3.

Back at home, data released earlier today indicated poor housing market scenario in the UK. Against the backdrop of deteriorating economic conditions, the BoE is expected to paint a gloomy picture of the economy by lowering its growth forecast in its inflation report due later this week.

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