3 Dec 2013
Flash: UK data continues to be strong - BBH
FXstreet.com (London) - Strategists at BBH noted that the UK has followed up yesterday's strong manufacturing PMI with an even stronger construction PMI today.
Key Quotes:
“ The 62.6 reading (up from 59.4 in October) was startlingly good. It is encouraging the market to increase the odds of a rate hike by early 2015 as reflected in the short-sterling futures contracts”.
“It leaves tomorrow's services PMI to round out the trifecta that will point to an acceleration of the UK economy into the end of the year”.
“The market shrugged off the poor BRC same store sales report (at 0.6% it is at the lows since seasonal decline in April)”.
Key Quotes:
“ The 62.6 reading (up from 59.4 in October) was startlingly good. It is encouraging the market to increase the odds of a rate hike by early 2015 as reflected in the short-sterling futures contracts”.
“It leaves tomorrow's services PMI to round out the trifecta that will point to an acceleration of the UK economy into the end of the year”.
“The market shrugged off the poor BRC same store sales report (at 0.6% it is at the lows since seasonal decline in April)”.