There was very little data out of the UK yesterday with sterling weakening against the commodity backed currencies as risk appetite drove the market and holding its own against the euro and the US$. The only significant data released today is the Confederation of British Industry (CBI) figures which will provide some insight on the level of consumer spending in the UK. Call in now for the latest update and the latest news.

After a turbulent few days the euro had a quiet day losing a little of ground against the US$ and sterling. The German parliament approved the 2nd Greek bailout yesterday. The Euro zone as a region awaits the result of further parliamentary votes including Finland’s vote on Wednesday. The G20 ministers (ministers form the 20 major global economies) are calling on Europe to put up more money to strengthen its own firewall before discussing the other nation’s contributions to the International Monetary Fund. The potential increase of the €500 billion Euro zone bailout firewall (the European Financial Stability Facility (EFSF)) is due to be discussed at the Euro zone summit meeting on March 1-2; however, the final decision is not expected to be made until much later in month. Standard and Poor’s one of the big three credit rating agency has also changed its outlook for the EFSF to negative yesterday as a result of the on-going developments. Call in now for the latest update and the latest news.

In the US yesterday, pending home sales figures released were a better than estimated complimenting the positive sentiment surrounding the US economic recovery at present. Out today consumer confidence data is released as well as figures showing the change in the total value of new purchase orders placed with manufacturers for durable goods. Call in now for the latest update and the latest news.

Elsewhere, there was very little data released yesterday. The Japanese yen had a strong day gaining against most currencies. This was after a period of weakening following the Bank of Japan’s intervention to weaken the yen. Today’s main releases both come from Switzerland where unemployment figures are released and the Swiss National Bank Governing Board’s Interim Chairman will speak and help to provide some insight on the state of the economy. Call in now for the latest update and the latest news.

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