UK Manufacturing PMI rises to 54.1 points – GBP/USD
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UK Manufacturing PMI rises to 54.1 points – GBP/USD

Better than expected  data from the UK: manufacturing PMI rises to 54.1 points,  indicating slightly stronger growth in a sector that hasn’t enjoyed strong growth in comparison with services and construction.

GBP/USD  climbs above 1.54 and reaches 1.5416. The pair already reached 1.550 last week.

Markit’s  purchasing managers’ index (PMI) for the manufacturing sector was expected to tick up from 53 to 53.5 points in February.  This sector has been the weakest link in the recent recovery, but it is a small  one.

GBP/USD traded  just under 1.54 towards the publication. The US dollar has generally  shown some strength in recent days.

In addition, the UK released more figures: net lending to individuals was expected to rise to 2.7 billion from 2.2 billion beforehand. M4 Money Supply carried expectations for +0.3% and mortgage approvals for 61K.

These figures actually fell short: lending stands at 2.4 billion and money supply dropped by 0.8%. Mortgage approvals came in at 61K as expected.

Two more PMIs are due: construction and services.

More: GBPUSD forecast.

In this week’s podcast, we cover  Yellen & the hike, AUD & CAD rate previews, Jobless claims vs. USD & Greek back burner

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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.