Forex News – Sterling boosted after strong UK manufacturing PMI, Euro zone also improves
September 2, 2013 8:45 am
The final Euro zone Manufacturing PMI index hit a 26-month high of 51.4 in August, up from July’s 50.3 Germany, which is Europe’s largest economy, showed impressive activity in its manufacturing sector as its PMI hit a 25-month high. All Euro zone member countries with the exception of France showed improved PMIs and all countries except France and Greece recorded PMIs above 50.0. Any number above 50.0 shows expansion while below shows contraction.
Strong orders for manufactured goods helped #the Euro region factory activity rise at the fastest pace in over two years, since June 2011 as new orders came in at their quickest rate since May 2011, giving optimism that the momentum will continue.
GDP data released last month showed the Euro zone escaped from a 1-1/2 year-long recession last quarter with growth of 0.3 percent, supported by stronger than expected expansions in Germany and France.
Euro remains supported after the upbeat PMI data today, hovering at the key $1.3200 level.
Other PMI data from the United Kingdom were also upbeat as British manufacturing accelerated again in August, The Manufacturing headline index registered at 57.2, beating forecast of 54.8 and up from a previous 55.0. Manufacturing PMI was driven by an increase in new orders and output which hit their highest levels in nearly 20 years. The new orders index hit its highest since August 1994 at 61.8. GBPUSD surged after the data at 9:30 am London time to $1.5592 a few minutes after the data from $1.5550.
The final Euro zone Manufacturing PMI index hit a 26-month high of 51.4 in August, up from July’s 50.3 Germany, which is Europe’s largest economy, showed impressive activity in its manufacturing sector as its PMI hit a 25-month high.
All Euro zone member countries with the exception of France showed improved PMIs and all countries except France and Greece recorded PMIs above 50.0. Any number above 50.0 shows expansion while below shows contraction.
Strong orders for manufactured goods helped #the Euro region factory activity rise at the fastest pace in over two years, since June 2011 as new orders came in at their quickest rate since May 2011, giving optimism that the momentum will continue.
GDP data released last month showed the Euro zone escaped from a 1-1/2 year-long recession last quarter with growth of 0.3 percent, supported by stronger than expected expansions in Germany and France.
Euro remains supported after the upbeat PMI data today, hovering at the key $1.3200 level.
Other PMI data from the United Kingdom were also upbeat as British manufacturing accelerated again in August, The Manufacturing headline index registered at 57.2, beating forecast of 54.8 and up from a previous 55.0.
Manufacturing PMI was driven by an increase in new orders and output which hit their highest levels in nearly 20 years. The new orders index hit its highest since August 1994 at 61.8.
GBPUSD surged after the data at 9:30 am London time to $1.5592 a few minutes after the data from $1.5550.
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