2 May 2014
GBP/USD remains firm - Investec
FXStreet (Barcelona) - Jonathan Pryor, Corporate Treasury Analyst at Investec, remarks the recent fresh multi-year highs above 1.6900 the figure.
Key Quotes
"More positive UK data yesterday came in the form of the Manufacturing PMIs, which was hot on the heels of Wednesday’s disappointing US GDP print that showed barely any US growth in Q1, sent GBPUSD rallying to new 4 year highs above 1.6900. Some bounce back in Euro Area inflation earlier in the week has left many feeling the ECB will leave everything on hold again next month which helped support the euro."
"Reports in the morning that UK's AstraZeneca have rejected a £58.8 billion bid ($98.9 billion equivalent) from US Pfizer on the grounds they have undervalued the company, saw further GBPUSD gains stall as some would have been disappointed that the potential large FX transaction on the back on the deal may not happen. Talks between the two drug giants continue and there is already talk today that the bid could be raised to GBP 63 billion (USD 106 billion)".
"On an otherwise quiet European holiday, US ISM manufacturing came in a little stronger than expected after the better ADP on Wednesday."
Key Quotes
"More positive UK data yesterday came in the form of the Manufacturing PMIs, which was hot on the heels of Wednesday’s disappointing US GDP print that showed barely any US growth in Q1, sent GBPUSD rallying to new 4 year highs above 1.6900. Some bounce back in Euro Area inflation earlier in the week has left many feeling the ECB will leave everything on hold again next month which helped support the euro."
"Reports in the morning that UK's AstraZeneca have rejected a £58.8 billion bid ($98.9 billion equivalent) from US Pfizer on the grounds they have undervalued the company, saw further GBPUSD gains stall as some would have been disappointed that the potential large FX transaction on the back on the deal may not happen. Talks between the two drug giants continue and there is already talk today that the bid could be raised to GBP 63 billion (USD 106 billion)".
"On an otherwise quiet European holiday, US ISM manufacturing came in a little stronger than expected after the better ADP on Wednesday."