Zloty Soared Following Optimistic PMI Figures
• Zloty Raced Forward With November PMI Figures
• Economic Data Better Than Economists’ Expectations
The Polish Zloty USD/PLN rallied to new heights as PMI data for November collected by Markit.com for HSBC surpassed leading analysts’ expectations of 51.1 percent and crossed the wire at 53.2 percent, up from 51.2 percent in the previous month. The data indicated a recovery in overall manufacturing business conditions and a major turn-around from August’s 15-month low of 49 percent. The robust improvement stemmed from above threshold numbers for all of the 5 components of PMI. For the second consecutive month new orders rose at the fastest growth rate since March. In addition to this, new export business rallied and simultaneously increased new order growth. Rising production, new business, output requirements, employment, and suppliers’ delivery times all contributed to rising PMI.
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