Market news
05.07.2011, 12:01

EU session review: Pound rises after UK PMI data

Data released:
07:45     Italy     PMI services (June)    47.4    49.4    50.1
07:50     France     PMI services (June)    56.1    56.7    62.5
07:55     Germany     PMI services (June) seasonally adjusted    56.7    58.3    56.1
08:00     EU(17)     PMI services (June)    53.7    54.2    56.0
08:30     UK     CIPS services index (June)    53.9    53.5    53.8
09:00     EU(17)     Retail sales (May) adjusted    -1.1%    -1.0%    0.9%
09:00     EU(17)     Retail sales (May) adjusted Y/Y     -1.9%    -0.6%    1.1%

The pound strengthened against the euro and the dollar after a report showed a measure of U.K. service PMI exceeded economists’ forecasts in June
A gauge of U.K. services growth based on a survey of companies rose to 53.9 from 53.8 in May. The median forecast was for a decline to 53.5.
“The focus from the market right now is very much on the growth numbers, and positive data outcomes will tend to be supportive of sterling,” said Chris Scicluna at Daiwa Capital Markets Europe.
The pound has slumped this year as Conservative Prime Minister David Cameron’s austerity measures to shrink the budget deficit crimp growth and inflation squeezes incomes at the fastest pace since the 1970s. Efforts to eliminate the bulk of the fiscal shortfall by 2015 involve the deepest spending cuts since World War II and more than 300,000 state-employee job losses.
The Bank of England will keep its main rate unchanged at 0.5% on July 7. Investors are betting the central bank won’t raise borrowing costs until after next May.

EUR/USD weakens after some consolidation within the $1.4460/90 range.

GBP/USD rose from session lows around $1.5990 to $1.6030 before retreated.

USD/JPY rose to Y81.20. Later rate retreated to Y81.05.

US data starts at 1400GMT, US factory orders are expected to increase 1.0% in May on the already reported 1.9% increase in durable goods orders.

© 2000-2024. All rights reserved.

This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.

Bank
transfers
Feedback
Live Chat E-mail
Up
Choose your language / location