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PMI knocked down
01 April 2014

A great start for the pound this week as we see sterling continue the strong performance on a run of very small data compared to most of the major currencies. Data from the UK fell short of expectations with mortgage approvals seeing a drop last month and the CCB data lacking its gains from early January. This saw net lending to people up, despite an unsettled week start for the Pound and investors particularly awaited further releases from the single currency region and across the pond.


Euro-zone inflation was to shortly follow which has dropped to just 0.8% on the year from 1.0% previously, raising further concerns over a deflation scenario over the coming months. The US data in the afternoon also carried weakness with the Chicago PMI figures dropping to 55.9 from 59.8 in February. New Fed chair Janet Yellen also spoke at lunchtime stating that the US ‘needs extraordinary support for some time’. With concerns over the US and Euro-zone figures traders eventually favoured the pound as rates rallied late in the afternoon.


Today sees the latest manufacturing PMI figures for the Euro-zone at 8am, UK at 9am and US at 1pm and 2pm. Euro-zone unemployment rate is also announced at 9am and so the day ahead is somewhat full of key data for the 3 majors. Keep in close contact with your currency broker to be ahead of the game should you be looking for any favourable exchange rates this week.

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