GBPUSD Tumbled Post Disappointing Manufacturing PMI

GBPUSD Tumbled Post Disappointing Manufacturing PMI

By: Darryl Frankfort | Where To Trade | On:01-05-2015 10:00
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Key Highlights

  • British Pound was the weakest currency during the London session, as the GBPUSD pair dived sharply lower after release of the UK Manufacturing PMI.

  • UK Manufacturing Purchasing Managers Index (PMI) released by both the Chartered Institute of Purchasing & Supply and the Markit Economics fell from the last reading of 54.4 to 51.9 in April , compared to the forecast of 54.6.

  • UK Net Lending to Individuals released by the Bank of England rose from the last £2.5B to £3.1B in March 2015, compared to the preceding month.

Key Releases:

UK Manufacturing PMI (British Pound)

US Net Lending (British Pound)

London Session

Today in the UK there were many releases lined up, and out of them the most important one was the Manufacturing Purchasing Managers Index (PMI). It helps in capturing business conditions in the manufacturing sector, and was released by both the Chartered Institute of Purchasing & Supply and the Markit Economics. The forecast was lined up for 0.2 points rise from the last reading of 54.4 to 54.6 in April 2015. However, the report was on the negative side, as the UK Manufacturing Purchasing Managers Index dived by more than 2 percentage points to 51.9.

A few things to note were that there was a slowdown in the rate of expansion of the UK manufacturing sector. And, the most important was the fact that the output increased at one of the weakest pace since November 2014. This marks the slowdown as the improvement became further skewed, which weighed on the British Pound buyers.

 

Speaking on the recent release, the Senior Economist at survey compilers Markit, Rob Dobson, stated that “Coming on the back of weaker-than-expected GDP numbers on Tuesday and only six days before the General Election, today’s UK PMI delivered less than positive news on the health of the manufacturing sector”.

UK Net Lending to Individuals

There was one more release, as the UK Net Lending to Individuals i.e. a monthly measure of growth rates, amounts outstanding and changes in total lending to individuals released by the Bank of England. The outcome was better than expected, as it rose to £3.1B from £2.5B in March 2015, compared to the preceding month.

European Session and US Opening

The GBPUSD reacted sharply lower and fell to a new intraday low of 1.5240. The pair was down more than 80 pips, and under severe bearish pressure.

Futures of the Dow Jones Industrial dived sharply by 195 points to 17,840, and the S&P 500 moved lower by 20 points to 2,085.

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