Sterling Hits 3yr High
UK Sterling surged past $1.40 for the first time in three years as investors bet on UK’s rapid vaccine rollout with help pave the way for a reopening of the economy this year | Fears have also been calmed that the Bank of England may take interest rates negative, even though the BoE has encouraged banks to prepare for such an eventuality | The UK downturn was also much milder than expected in February according to the latest PMIs
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usiness activity across the euro zone contracted again in February as lockdown measures to contain the coronavirus hammered the bloc's dominant service industry, even as factories had their busiest month in three years | PMIs for both sectors stood at 48.1, slightly higher than January but still below the 50 mark that separates expansion from contraction | Services fell at the fastest pace since November, while manufacturing output rose the most in four months
US Wall Street closed lower last night as market risk sentiment looks to be ending the week on the soft side, with Asian markets also broadly trading lower this morning | This comes amid the recent rise in US Treasury yields and the disappointing US jobless claims yesterday | Treasury Secretary Janet Yellen has reiterated the need for a substantial fiscal stimulus package | The dollar is down across the board this morning
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