5 Nov 2013
Flash: GBP/USD up a big figure - BBH
FXstreet.com (London) - Research teams at UK reported stronger-than-expected services PMI for October, rising to 62.5 from 60.3.
Key Quotes:
“This comes after weaker manufacturing PMI but stronger construction PMI readings in recent days. The data helped take sterling a big figure higher against the dollar to near $1.6060”.
“Also of note, EUR/GBP is testing the 0.84 resistance level. The data led to a 5-6 bp increase in gilt yields, but failed to boost the FTSE index, which has been dragged lower by financial services stocks”.
“Later this week, the UK reports September IP on Wednesday and comes a day before the BOE meets on Thursday. No change in policy is expected”.
Key Quotes:
“This comes after weaker manufacturing PMI but stronger construction PMI readings in recent days. The data helped take sterling a big figure higher against the dollar to near $1.6060”.
“Also of note, EUR/GBP is testing the 0.84 resistance level. The data led to a 5-6 bp increase in gilt yields, but failed to boost the FTSE index, which has been dragged lower by financial services stocks”.
“Later this week, the UK reports September IP on Wednesday and comes a day before the BOE meets on Thursday. No change in policy is expected”.