Sterling had a volatile week hitting fresh 20 month highs of 1.2275 against the euro and fresh 6 month highs of 1.6205 against the US dollar despite a raft of bad data being released. The UK is now in a technical recession after preliminary GDP figures showed the economy unexpectedly slumped by -0.2% in the last quarter. These figures are being disputed by certain economists who are still adamant that the UK grew last quarter; however, irrespective to the true figure it is evident that the economy is very weak. Furthermore, data released this week showed that the total government debt now exceeds the £1 trillion mark for the first time ever. Sterling remains fairly strong despite the poor data released; we will have to see if this pattern continues. Call in now for the latest news and a live quote.

The euro had a poor start to the week as a raft of poor services and manufacturing Purchasing Managers' Index (PMI) data released in the Eurozone caused the euro to weaken off against the majority of currencies. Developments in the French presidential elections have unsettled the markets as the Franco-German relationship at the centre of the Eurozone could be broken if Sarkozy loses the election. On the agenda today is Italy’s benchmark 10 year bond auction, consumer climate figures from Germany and French consumer spending. Call in now for a live update and the latest news.

A raft of poor data including jobless claims, consumer confidence and declining new home sales figures hinted that the Federal Open Market Committee (FOMC) may implement further quantitative easing this week; however, no such suggestion was made. The FOMC actually improved its forecasts for the US economy; but, did suggest that quantitative easing could be increased if it was deemed necessary. Advanced GDP data is released today; however, much like the preliminary data in the UK it is often revised at a later data. Despite the potential inaccuracy figures often cause a lot of volatility so call in now for a live quote and the latest news.

Elsewhere, the Australian dollar performed poorly this week as poor quarterly Consumer Price Index (CPI) and Producer Price Index (PPI) figures were released. The Indian rupee weakened off to a 3.5 year low against sterling. Canadian retail sales fell by more than anticipated in February. The Reserve Bank of New Zealand’s announced that it was keeping its official cash rate on hold at 2.5%. The Bank of Japan's rate decision, press conference and monetary policy statement were all announced late last night; but, there is not a great deal of data out during the rest of the day. Call in now for the latest news and a live quote.

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