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Weekly Market Update 26-01-2011       started by HiFX on 27 Jan 2011   (23354)
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From HiFX

27 Jan 2011 9:26 PM
(110120)
UK A key week for the UK this week and certainly seen a big reaction from the market. Two key pieces of data that has been released. Firstly, UK GDP came in at a shocking -0.5pc showing that the UK economy had surprisingly shrunk in the last quarter. This was against expectation of +0.4/0.5pc. The market reacted accordingly to this s news and the pound immediately lost considerable ground against most currencies. The negative figure was widely attributed to weather conditions in the UK, however the Office for National Statistics estimate that bad weather towards the end of the year wiped 0.5pc off of growth and therefore the