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12 Mar 2013
Forex Flash: Another quiet day for Europe - BTMU
Derek Halpenny, European Head of Global Markets Research at the Bank of Tokyo Mitsubishi UFJ notes that it looks like another quiet day ahead for Europe, much like yesterday.
He writes, “There is little news from continental Europe so the focus will be mostly on the industrial production data from the UK.” He sees that there were strong gains recorded in December and hence the consensus is for little change in January. Further, he feels that the risks would appear to be skewed to the downside considering that cold weather and snow may have impacted activity. He finishes by writing, “Furthermore, the plunge in the manufacturing PMI from 50.5 to 47.9 in February suggests some marked slowdown is taking place in the first quarter. A weak figure is probably fully priced at this stage but the pound remains vulnerable to incoming weak data that backs up the need for further BOE easing.”
He writes, “There is little news from continental Europe so the focus will be mostly on the industrial production data from the UK.” He sees that there were strong gains recorded in December and hence the consensus is for little change in January. Further, he feels that the risks would appear to be skewed to the downside considering that cold weather and snow may have impacted activity. He finishes by writing, “Furthermore, the plunge in the manufacturing PMI from 50.5 to 47.9 in February suggests some marked slowdown is taking place in the first quarter. A weak figure is probably fully priced at this stage but the pound remains vulnerable to incoming weak data that backs up the need for further BOE easing.”