So Christine Lagarde, French finance minister, has formally announced her candidacy for the top spot at the IMF. Although Lagarde has been unanimously endorsed by the EU member states, the emerging economies have issued a note of caution about the legitimacy of selecting yet another European for the role...
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Latest trading commentaries...UK GDP in line with forecast
26 May 2011, Mark Deans, Moneycorp
The rate of inflation in Belarus was 4.5% in April. The number looks perfectly reasonable until you realise that it is not an annual price increase, it is a monthly one. Belstat, the Belarusian statistics agency, put annual inflation at 18.1% in April, which looks rather less reasonable and which most economists believe understates the true picture.
Sterling strong despite unchanged revised quarterly UK GDP figure
26 May 2011, Duncan Higgins, CaxtonFX
Sterling had a strong session yesterday, despite the revised quarterly UK GDP figure remaining unchanged at 0.5%. Meanwhile, there has been speculation that an agreement on the Greek issue will have to wait until late June, with the Greek opposition party’s resistance of the government’s austerity plans delaying progress.
Is China a potential buyer of Portuguese bailout bonds?
26 May 2011, Mark Bolsom, Travelex
The euro has found support in the overnight market after reports suggested that China would be a potential buyer of Portuguese bailout bonds. The new comes just after Finland officially approved of the bailout yesterday.
Another day sees another claw back of Monday’s big losses
26 May 2011, Simon Denham, Capital Spreads
Another day sees another claw back of Monday’s big losses. It’s incredible to see the market at its lows doing exactly the reverse to what it has been doing at its highs by rejecting them. Throughout 2011 any strength in the FTSE taking it towards its highs has been met with selling and any weakness taking it towards its lows has been met with buying.
This time EUR tests the upside in Asia
26 May 2011, Andrew Timothy Robinson, Saxo Bank
The Asian session was again dominated by headlines and, whereas yesterday the focus was on negatives and the EUR’s downside, today’s was the complete opposite. Markets responded to an FT article which suggested that China, and Asia, would be a “strong proportion” of buyers of the Portuguese bailout bonds at next month’s EFSF auction (you can read the article here).
Pound lifted by in-line growth data
25 May 2011, Andrew Wilkinson, Interactive Brokers
The necessary evil of a Greek default continues to hang overhead like the Sword of Damocles with some wishing for its fall given the prospect of its removal seems less likely.
GDP in line with expectations
25 May 2011, Mark O'Sullivan, Currencies Direct
We’ve just had a second look at Q1 GDP, the big Sterling figure this week. The data is in line with expectations and has no revisions with the figure staying at 0.5%. Sales on the UK high street also held steady according to the latest release from the CBI...
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