httpvh://www.youtube.com/watch?v=M0zW1pHTMGU

·         Markets lack direction

·         UK banks push higher as CEOs forego bonuses

·         Data highlights: German IFO (09.00), US Consumer Confidence (15.00)

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The markets lacked direction yesterday with trading taking place within pre-established ranges for most large currency pairs. This was not helped by a lack of structured data that left the momentum that kicked the market around last week sadly missing.

Sterling was underpinned slightly by UK banking shares as both the CEOs of RBS and Lloyds Banking Group declared that they would forgo their bonuses for 2009. I, for one, am surprised that they have; you wouldn’t catch me doing that. The UK banking index was up around 1.7% as a whole.

The story out of Europe, although quiet yesterday, continues to be Greece. The news that the Germans may be putting together a bailout plan eased the pressure on the single currency in the short term slightly but only adds weight to the fears for the future.

Data today consists of German IFO at 09.00 which could see the euro weaken at the open whilst sterling watchers will be hoping BBA loans show an uptick in mortgages (09.30). US data comes in the form of Case-Shiller House Prices at 14.00 and CB consumer confidence at 15.00