3 Sep 2013
Flash: GBP/USD enjoys string of success ahead of key data – Investec
FXstreet.com (Lisbon) - Jonathan Pryor, Corporate Treasurer at Investec posits the fortunes of the GBP/USD, which has enjoyed a string of success vs. FX majors to start off the week.
Key quotes
The GBP made gains against the USD, EUR and JPY yesterday following the release of the Manufacturing Purchasing Managers Index (PMI) data, which came in at 57.2 against an expected figure of 55.0.
“With a release above 50 indicating expansion, this data demonstrates the UK manufacturing sector’s strongest growth in activity for two and a half years. The news adds further weight to the argument that the UK economy is starting to turn the corner and that the worst of the economic crisis is behind us.”
“Markets will look closely at Construction PMI data at 09:30 today, for further evidence to support this argument, before the all important Services PMI which is due out on Wednesday at 09:30. With the UK service sector accounting for more than three quarters of UK GDP, this may prove to be a key release for the pound this week.”
Key quotes
The GBP made gains against the USD, EUR and JPY yesterday following the release of the Manufacturing Purchasing Managers Index (PMI) data, which came in at 57.2 against an expected figure of 55.0.
“With a release above 50 indicating expansion, this data demonstrates the UK manufacturing sector’s strongest growth in activity for two and a half years. The news adds further weight to the argument that the UK economy is starting to turn the corner and that the worst of the economic crisis is behind us.”
“Markets will look closely at Construction PMI data at 09:30 today, for further evidence to support this argument, before the all important Services PMI which is due out on Wednesday at 09:30. With the UK service sector accounting for more than three quarters of UK GDP, this may prove to be a key release for the pound this week.”