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?? GBP – The pound traded higher yesterday against both the US dollar and single currency after solid set of PMI manufacturing numbers gave investors some much needed joy as we headed into the final round of French Elections this weekend.
The PMI numbers were expected to come in at 54.0 but surprised investors with 57.3 reading hence the strong rise in Sterling. The Survey found the main source of new work came from the domestic markets, but there was also a solid increase in new export business due to a combination of better global economic conditions and the weakening pound.
Following on from yesterday’s manufacturing figures we have the second instalment in the way of the construction numbers, any higher ready will surely see the pound continue its impressive run against its major trading partners.
?? EUR – The euro added further gains versus the greenback, as Eurozone manufacturing PMIs increased at the fastest rate for six years and demand remained strong, despite rising prices in Europe.