News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
Wall Street
More View more
Real Time News
  • Gold holding steady as stocks, dollar remain relatively flat during trade $XAU $USD
  • The US economy will be in particular focus over the coming days, with the first Federal Reserve rate decision of the Biden presidency and the initial Q4’20 US GDP report on the docket. Get your market update from @CVecchioFX here:
  • Germany will not be able to stick to debts limits in constitution for years - Handelsblatt
  • The FTSE 100 has extended its pullback from trendline resistance (stemming from the 2009 low) with the index shedding 0.6% for the week. Get your #FTSE market update from @JMcQueenFX here:
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Gold: -0.01% Oil - US Crude: -0.02% Silver: -0.48% View the performance of all markets via
  • WTI Crude futures settle up 0.96%, at $52.77 - BBG
  • I'm not usually big with head and shoulders patterns but there are conflicting signals in $USD atm. 1st chart here is on h4 and it's a h&s with neckline ~ 90. 2nd chart is on h8, and its an inverse h&s with neckline ~ 91. Given calendar, a break this week can def happen.
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in GBP/JPY are at opposite extremes with 66.31%. See the summary chart below and full details and charts on DailyFX:
  • Today was the 'quiet' session of the week with only a few high profile indicators on tap. The high profile fundamental themes start up in earnest tomorrow (including the IMF's WEO). We will see how speculative charge for the likes of GME competes with global growth forecasts
  • US Dollar Head and Shoulders Pattern, Focus on USD/CAD, NZD/USD
Improved Manufacturing PMI Sends Pound Higher Before BoE Decision

Improved Manufacturing PMI Sends Pound Higher Before BoE Decision

Benjamin Spier, Technical Strategist

THE TAKEAWAY: UK Manufacturing PMI for July rises more than expected -> Markit doubts index will affect BoE decision -> Pound rises

Want to trade with proprietary strategies developed by FXCM? Find out how here.

The UK Purchasing Managers’ Index for manufacturing rose to a new 2-year high, encouraging hopes for a further expansion of the UK economy in the second half of the year. The PMI rose to 54.6 in July, beating expectations for 52.8 and higher than the revised 52.9 PMI reported for June. The PMI has risen for the fifth straight month and the PMI was above the 50.0 neutral line for four of those months.

Pound investors are looking for the higher PMI’s to continue to translate into stronger GDP growth, following the 0.6% GDP expansion seen in Q1. Stronger expansion may calm worries expressed by the Bank of England last month over the rate of the recovery. “It is unlikely that the Bank of England’s MPC will announce any substantive change in policy direction at today’s press conference on the back of these numbers, preferring instead to wait and see if the broader economic recovery takes a firmer hold,” said Markit Senior Economist Rob Dobson.

The Pound rose against the US Dollar following the release, and GBP/USD has pulled back from a two-week low set yesterday at 1.5124. The pair may continue to see resistance by the 1.5280 figure.

New to Forex? Watch this video

GBPUSDDaily: August 1, 2013

Improved_Manufacturing_PMI_Sends_Pound_Higher_Before_BoE_Decision_body_gbpusd.png, Improved Manufacturing PMI Sends Pound Higher Before BoE Decision

Chart created by Benjamin Spier using Marketscope 2.0

-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to .

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.