There were no data releases from the UK yesterday, with banks being closed in observance of May Day holiday. Gains in the pound were capped, though, after a YouGov poll for the Times showed opponents of Britain’s European Union membership edging into the lead in the run-up to a June 23 referendum on the issue, despite an intervention on the “In” side by U.S. President Barack Obama. The online survey, taken on Monday and Tuesday, showed support for the “Out” campaign had risen 3 percentage points to 42 percent since a similar survey on April 12-14, while the number of undecided had fallen, leaving support for the “In” campaign up 1 percentage point at 41 percent.
In the US session Manufacturing PMI figures were released. The April PMI registered 50.8 percent, a decrease of 1 percentage point from the March reading of 51.8 percent. Manufacturing registered growth in April for the second consecutive month, as 15 of our 18 industries reported an increase in new orders in April (up from 13 in March), and 15 of our 18 industries reported an increase in production in April (up from 12 in March).
As for tomorrow, from the UK, Manufacturing PMI figures will be published. Analysts are predicting increase to 51.3. There will be no data releases in the US part of the session.
Figures to watch:
Manufacturing PMI (Tuesday 10:30)
