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.

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
EUR/USD
Bearish
Oil - US Crude
Bearish
Wall Street
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Mixed
More View more
Real Time News
  • The dispute between the Federal Reserve and the Treasury Department concerned economists and government officials last week. Traders, however, appeared unfazed as U.S. equity markets proceeded to higher ground. Get your market update from @FxWestwater here:https://t.co/DKK7WWHKlu https://t.co/qxKvC8FAVd
  • The British Pound is eyeing a push to fresh yearly highs against the US Dollar. However, various technical setups suggest GBP could lose ground to JPY, EUR and NZD in the near term. Get your $GBP market update from @DanielGMoss here:https://t.co/NSUnZnPb4Q https://t.co/RuBAAWS37w
  • Deadline on TikTok sale on hold as talks continue with the U.S - BBG
  • Australian Dollar May Extend Gains Despite Escalating China Trade Tensions - https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2020/12/05/Australian-Dollar-May-Extend-Gains-Despite-Escalating-China-Trade-Tensions.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $AUD $AUDUSD https://t.co/dvwlnImvDl
  • IGCS hints that gold prices may reverse higher as the S&P 500 aims for new highs. Things are looking a little bit more choppy for the growth-linked Australian Dollar. Get your $AUD market update from @ddubrovskyFX here:https://t.co/xiaQOr5D7D https://t.co/ZIwVyai2m2
  • The US Dollar technical outlook remains broadly bearish against ASEAN currencies like the Singapore Dollar, Indonesian Rupiah, Malaysian Ringgit and Philippine Peso. Where to from here? Find out from @ddubrovskyFX here:https://t.co/ijSi1wlLpQ https://t.co/k34HQK8UXU
  • San Francisco issues new stay-at-home order for residents - Reuters via BBG
  • Productive procrastination = you have a list of tasks in varying degrees of importance and you put the most important and high-priority item on the bottom but still need to feel and be productive so you do other tasks while avoiding the thing u need to do the most. Familiar?
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.61% 🇬🇧GBP: -0.12% 🇨🇭CHF: -0.13% 🇪🇺EUR: -0.22% 🇯🇵JPY: -0.34% 🇳🇿NZD: -0.52% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/OgYcNSUCI2
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Silver: 0.59% Gold: -0.10% Oil - US Crude: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/Jc0b1GCn7D
GBP/USD Lower After Soft Markit/CIPS Manufacturing PMI

GBP/USD Lower After Soft Markit/CIPS Manufacturing PMI

2016-04-01 09:47:00
Oded Shimoni, Junior Currency Analyst
Share:

Talking Points:

- UK’s Markit/CIPS Manufacturing PMI at 51.0, below the 51.2 expected

- Markit says the marginal increase may fuel concerns around “Brexit”

- British pound dropped after the figures hit the wires

Find Key Turning Points for the British Pound with DailyFX SSI

The British Pound traded lower versus other major currencies (at the time this report was written) after today’s Markit/CIPS Manufacturing PMI showed manufacturing growth rose slightly. The manufacturing diffusion index, by Markit Economics, rose to 51.0 from the prior reading of 50.8. The number was below economists’ expectations of 51.2, and marked the third consecutive month for manufacturing job losses. A number above 50 points to an expansion, below 50 to a contraction.

Looking into the report, Markit remarked that price pressures remained on the downside during March. Markit said that industry is still close to the stagnation and will struggle to make a meaningful contribution to GDP. Furthermore, Markit mentioned the Sterling as a source of concern; they said that the drop in the British Pound may help exports, but may also cause issues in the cost side through higher cost of imports for manufactures which could apply pressures on their margins. Though the overall index showed a rise, Markit commented, the marginal increase will fuel concerns over major economic challenges such as the results of the Brexit vote.

In their latest rate decision, the BoE said inflation remains below target due to drags from energy and food prices, with core inflation subdued as well as a consequence of the past appreciation of sterling, weak global inflation and restrained domestic cost growth. It seems the soft prints in the PMI figures did little to offset mounting concerns in the UK, and the British Pound traded lower versus other major currencies.

Daily FX Sr. Technical Strategist Jamie Saettele Identified 1.4515 as a key resistance level for GBP/USD.

GBP/USD 5 Minute Chart: April 1, 2016

GBP/USD Lower After Soft Markit/CIPS Manufacturing PMI

--- Written by Oded Shimoni, DailyFX Research

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

DISCLOSURES