Pound rally
The British pound climbed half a
cent to $1.2481 by 5: 39 a.m. after U.K. services PMI data showed a rise to 55
in March from 53.5 the previous month. There was another warning on the U.K.'s
approach to Brexit negotiations from the EU side today, with the union's chief
Brexit negotiator Michel Barnier warning that Britain must settle the terms of
its exit before seeking a trade deal, or risk having no deal at all.
U.S./China trade
Figures released yesterday show
that American imports from China had their largest one-month fall on record --
some of which was due to the timing of the Lunar New Year -- and that eight
U.S. states carry a trade surplus with the country. China has also become the
top buyer of U.S. crude oil. Such data means we may hear a different tone at
this week's meeting between Chinese leader Xi Jinping and Donald Trump than the
one the U.S. president struck during the election campaign.
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