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UK Manufacturing PMI Surprises – GBP/USD Extends Gains

Markit’s manufacturing PMI rose to 51.3 points in May 2013. It was expected to rise from 49.8 to 50.3 points – to growth territory. Manufacturing hasn’t been the leading sector in the UK.

GBP/USD was on the rise towards the publication, advancing to around 1.5265. Cable is now trading at 1.5278. The peak was 1.5283 so far.

The orders sub component of the PMI is also quite encouraging: it rose to 53.7 from 51.4 in the previous month. This is the highest in over a year.

Manufacturing PMIs from the euro-zone were also quite good.

This release is the first out of 3 purchasing managers’ indices. See how to trade the construction PMI with GBP/USD.

Cable is now deep in the 1.52 to 1.54 range, having escaped from 1.50 during May in several occasions. The British pound has been relatively stable during the turbulent month, leaving the scene for the yen and the Aussie.

For more, see the GBP/USD forecast.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.