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Equities surge higher...

Markets are on a positive feel following yesterdays outline by Tim Geithner on the Public Private Investment Program in the US. The plan involves the government buying up toxic assets held by banks which will allow the banks to free up their balance sheets. At the moment the debt sits with the banks and they cannot sell it on or value it, therefore the scheme aims to remove this and hopefully by doing this remove the chains that are preventing lending. President Obama noted that the plan was a vital step but also reaffirmed that there was a "long way to go". Wall Street experienced a significant rally; the Dow Jones gained nearly 500 points in yesterdays session. The low yielding currencies such as the USD and the YEN weakened on the news as investors sought higher yielding assets; the AUD and NZD continued to rally.

Interestingly EUR/USD has failed so far in its bid to extend towards 1.40 and the USD is at the moment gaining back towards 1.35 after failing to break 1.3730. Sterling has moved higher against the dollar buoyed by the increase in the equity markets and GBP/EUR has also gained back to the 1.08 level. Data released today from the UK showed that the Retail Prices Index (RPI) fell to 0% in February from 0.1% in January- this is the lowest reading since 1960 but can be largely attributed to the fall in mortgage repayments following sharp interest rate cuts. Another inflation indicator the Consumer price Index (CPI) rose unexpectedly to 3.2%- this could be a concern to the Bank Of England as interest rates have been slashed and Quantitative Easing introduced on the premise that inflation would continue to fall...however it does reduce the fear of deflation setting in.


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