By Jonathan Watson

We have seen recently how the recent gains made by Sterling have been eradicated. With over 4 euro cents and 2 dollar cents taken off in the last 9 days, sterling really needs a boost.

GDP data for the UK has been affirmed at 0.3% for Q1, confirming the weak emergence from recession. The markets are still very cautious, I think this will only continue in the short term as real details of the UK’s Emergency Budget slowly filter through.

The Ozzie dollar remains very strong against Sterling but could get stronger now the Mining Tax has been widely accepted, further boosting security in their Industrial sector. The Canadian dollar also remains quite strong following some positive unemployment figures last week.

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