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The pound receives a boost
Published: 4 Jun at 10 AM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Swiss Franc Exchange Rate, Euro Crisis, UK, France,
Worldwide manufacturing data releases proved the highlight of yesterday’s data releases and were very much a mixed bag.
The pound benefited from better than expected data with the UK manufacturing sector purchasing managers’ index for the month of May coming in at 51.3 points, a 14-month high.
Growth in the sector was described as broad based, led by the production of consumer goods but alongside increased output from the intermediate and investment goods sectors.
New export orders also rose during the latest survey period with reports of higher demand from North America, East Asia, Russia, Germany and France.
By contrast, the US data was worse than expected sending the dollar lower against major currencies on Monday as the surprisingly weak US manufacturing data raised concern about the US recovery. Critically, it reduced the view that the Federal Reserve will start winding down its stimulus programme any time soon.
The data from the Institute for Supply Management said US manufacturing activity unexpectedly contracted last month to 49.0 in May from 50.7 in April.
In the euro zone, German Chancellor Angela Merkel rejected a plan that would grant more power to the European Commission and warned European Union (EU) governments to work more closely in order to establish co-ordinated economic policies.
“I see no reason to give Brussels more power in the next few years”, Merkel said in an interview on Sunday.
Later on this week sees the latest policy statements from both the Bank of England and the European Central Bank. All eyes will be on Sir Mervyn King’s last meeting as Governor of the Bank of England whilst new policy stimulus measures are expected out of the ECB.
The pound benefited from better than expected data with the UK manufacturing sector purchasing managers’ index for the month of May coming in at 51.3 points, a 14-month high.
Growth in the sector was described as broad based, led by the production of consumer goods but alongside increased output from the intermediate and investment goods sectors.
New export orders also rose during the latest survey period with reports of higher demand from North America, East Asia, Russia, Germany and France.
By contrast, the US data was worse than expected sending the dollar lower against major currencies on Monday as the surprisingly weak US manufacturing data raised concern about the US recovery. Critically, it reduced the view that the Federal Reserve will start winding down its stimulus programme any time soon.
The data from the Institute for Supply Management said US manufacturing activity unexpectedly contracted last month to 49.0 in May from 50.7 in April.
In the euro zone, German Chancellor Angela Merkel rejected a plan that would grant more power to the European Commission and warned European Union (EU) governments to work more closely in order to establish co-ordinated economic policies.
“I see no reason to give Brussels more power in the next few years”, Merkel said in an interview on Sunday.
Later on this week sees the latest policy statements from both the Bank of England and the European Central Bank. All eyes will be on Sir Mervyn King’s last meeting as Governor of the Bank of England whilst new policy stimulus measures are expected out of the ECB.
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Source: moneytransfer.co.uk