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The Pound declined against the Euro and the Dollar yesterday but did retrace some of the earlier losses following the release of upbeat U.K. GDP figures together with narrow-than-expected current account deficit.

Also to note Bank of England policymaker Adam Posen stated that the central bank should re-start its asset-purchase program to prevent Britain falling into the same kind of slump Japan did in the 1990s.

The Dollar made gains against the Pound while declining against the Euro following US consumer confidence taking a deeper dive than expected. The trend is, of course, negative, but we are not yet particularly alarmed since consumer confidence often fluctuates without affecting private spending. Still, the data has reinforced expectations that the Fed will take further action to help the economy.

The Euro made gains against the Pound and the Dollar yesterday benefiting from news coming out of the US that there might be more Fed easing.

Also to note there has been some considerable banking worries in Ireland as well as a trove of national strikes planned for today across Europe. Irish and Portuguese bond yields are pushing to record levels against the benchmark German Bunds as the European countries are looking like that they may have to be bailed out.

Data released 29.09.10

UK      09.30 Personal Credit / Mgt Approvals (August)

EU      10.00 EC Business Climate Index (September)

EU      10.00 Economic Sentiment (September)

Consumer / Industrial / Services

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