Sterling recovered on PMI news

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Tuesday, Jun 05 2018

Sterling recovered on PMI news

The British pound is benefiting from the stronger than expected service and composite PMI readings, which among other things are serving as a distraction from the government's seemingly tortured approach to Brexit and the sales of part of its stake in RBS for a GBP2 bln loss. Financials are a drag on the FTSE 100 today (~-0.5% while other major bourses are higher).

Sterling itself recovered from the around $1.3320 to almost $1.3385 on PMI news. However, it stalled in front of yesterday's high near $1.3400. The UK's service PMI rose for the second month, and the 54.0 reading compares with a 53.1 average in Q1 and 54.2 for all of last year. Overall, the composite reading rose to 54.5 from 53.2. It averaged 53.4 in Q1 and 54.7 in 2017.

More in this category: « Australia keep interest rates unchanged, flags upbeat outlook New house sales ease back in April 2018 »

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