Weak Euro, Strong Dollar

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The much awaited International Swaps and Derivatives Association (ISDA) meeting on Friday concluded with the decision that the Greek debt deal amounted to a “credit event”. This coupled with strong US non-farm payrolls data supported gains in the US Dollar on Friday. Against this backdrop, tomorrow’s policy meeting in the US will be keenly watched. Meanwhile, today’s dismal trade balance data in China reignited concerns about global economic recovery. Markets today await the outcome of EU finance ministers meeting aimed at giving the final nod for the second Greek bailout package. At home, Lloyds employment confidence has shown an improvement for February.

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