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Sterling Gets a Boost

Cable traded to a 10 week high on Sterling strength, as investors believe that there the Bank of England will not do any further quantitative easing. This was compounded with the better than expected GDP figure, and avoided the anticipated triple-dip recession. The macro data from the UK was in contrast to the United States growth figures released on Friday, which were below expectations. Reuters sights the 1.5574 level as the next level of technical resistance for GBPUSD as it is the 100 day moving average.

Headlines

BoE policymaker Ian McCafferty was reported on Monday as saying he was "cautiously optimistic" about Britain's economy but that he expected its recovery to be slow and difficult - Reuters

Chinese and Japanese markets are closed for public holidays

Manufacturing activity in China had dipped, prompting concerns that the major driver of global growth was about to stall. Indeed, China is responsible for 40pc of global refined copper demand, so any slowdown will hit demand for the metal particularly hard - Daily Telegraph

Bond markets $20 Trillion yielding less than 1% - Bloomberg

Syrian Prime Minister survives a bomb attack in central Damascus - Reuters

The Independent (UK Newspaper) reports that the London property market is showing signs of demand, as the average sale at 4.6 weeks, the lowest level since October 2007

Australian PM Gillard emphasizes the impact of high Aussie dollar on the government budget

Rating agency Moody's will monitor the ability of the newly formed Italian government to overhaul the economy, a senior Moody's official told an Italian newspaper today


Looking ahead to the rest of the week, key macro data FOMC on Wednesday, ECB on Thursday and US Non-Farm Payrolls on Friday

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