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. See our updated Privacy Policy here.

0

Notifications

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

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • $SPX Daily. . . Before & After #FOMC . . . https://t.co/yXrFqH6mHx https://t.co/pT33kiYiXg
  • A big move in the US 10-year Treasury yield following yesterday's FOMC meeting. Resistance around 1.38% was broken easily, with the 10Y settling around 1.43% $ZN $ZB https://t.co/k6eht1IkXG
  • The Bitcoin plunge turned off near-term downtrend support and while we could see more recovery in the short-run, the risk remains lower while within this formation. Get your $btc market update from @MBForex here:https://t.co/Vf94gjIqhx https://t.co/nqhU8Ve5mx
  • The Central Bank of the Republic of Turkey ended its monetary tightening cycle will a surprise 100-bps rate cut on Thursday. Get your market update from @CVecchioFX here:https://t.co/zbhiBmUKiO https://t.co/AYxFnqB7ou
  • Risk on sentiment has buoyed AUD/USD, with the cross trading back above 0.7300 $AUDUSD https://t.co/Bx5MOuIgDb
  • The morning after the Fed has produced some robust moves in markets, with both stocks and bonds putting in a notable leap. Get your market update from @JStanleyFX here:https://t.co/7sQ4d63PLM https://t.co/vfrKuhDUce
  • Gold trades back down to $1,750 as US real yields tick higher $XAUUSD #Gold https://t.co/yMtnYCBsaa
  • Canadian Dollar Price Forecast: USD/CAD Snaps Back to Key Support https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2021/09/23/Canadian-Dollar-Price-Forecast-USD-CAD-USDCAD-Snaps-Back-to-Key-Support-Zone.html $USDCAD https://t.co/BGiAkAI3zy
  • RT @BrendanFaganFx: 77 counterparties take $1.352 trillion at Fed's fixed-rate reverse repo $USD $DXY https://t.co/kjecsXvpVU
  • EUR/USD attempts to halt a five day decline as the Federal Reserve sticks to the sidelines. Get your market update from @DavidJSong here:https://t.co/ig9bGLj35i https://t.co/YPksmNdJLR
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 instructor@dailyfx.com .

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

DISCLOSURES