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London Market Wrap

Posted by Joseph Trevisani on Feb 21, 2013 10:07:00 AM

EURO

February 21 Thursday

The euro fell sharply by 90 points to 1.3170 from 1.3260 following the weaker-than-expected Eurozone manufacturing and services data while the yen gained and European stocks fell. The report showed the Eurozone economy remains recessionary as market participants speculate the ECB may need to lower the interest rates in the near-term future.

The composite index of factory and services output in the 17-nation currency union fell to 47.3 from 48.6 in January as reported by Markit Economics. The median forecast called for 49.0. A reading below 50 indicates contraction.

European stocks tumbled the most in two weeks and commodities fell. Euro Stoxx fell 2.07% to 2,585.78 while the DAX fell 1.92% to 7,580.67 and the FTSE was down 1.68%, 107.31 points to 6,288.06 as of 10:15 am New York time.

STERLING

Cable rallied by 130 points to 1.5260 from 1.5130 in Europe pushed higher by the weakness of the euro.

Euro-sterling fell sharply by 130 points from 0.8760 to 0.8630.

 

Chris Advincula

Market Strategist

WorldWideMarkets

 

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