Sterling Unfazed by Good NewsThis makes for a hat-trick of better-than-expected PMI data this week with both construction and manufacturing showing consensus-beating growth. However, the GBP/EUR exchange rate traded unchanged around 1.18 following the news and has, if anything, fallen back. Analyst Scott Bowman at Capital Economics says the recent run of UK PMI data suggests UK GDP growth will bounce back saying the all-sector PMI was consistent with overall quarterly GDP growth of 0.6% or so. Pound to Euro exchange rate: 1.1787, day's high: 1.1828, day's low: 1.1781Pound to Dollar exchange rate: 1.2885, day's high: 1.2905, day's low: 1.2830Another stellar economic release from the UK, and another display of resolute stubborness by the British Pound in response. Regarding the EUR/GBP, Wilkins notes momentum studies have turned more positive for the cross, but the exchange rate is still trapped in a range between 0.8400 and 0.8530.
As it stated in
Pound Edges Lower Despite Strong Construction PMI
If the rate statement is more hawkish than expected, we could see these odds increase. This means that the markets will be focusing on the rate statement and the views of policymakers concerning economic conditions. On the release front, UK Construction PMI improved to 53.1, above the forecast of 52.1 points. On Thursday, the UK publishes Services PMI and Net Lending to Individuals, while the US will release unemployment claims. Despite all the angst over Brexit, British economic data continues to surprise, as the economy continues to perform well.
May 14 - [from midnight] End of Francois Hollande's mandateJune 11 - First round of legislative electionsJune 18 - Second round of legislative elections. Source - BBCFrench Election TimelineMay 3 - TV debate between the two remaining candidatesMay 5 - [from midnight] Poll blackoutMay 7 - Second round of French presidential elections. On the release front, UK Construction PMI improved to 53.1, above the forecast of 52.1 points. Despite all the angst over Brexit, British economic data continues to surprise, as the economy continues to perform well. On Thursday, the UK publishes Services PMI and Net Lending to Individuals, while the US will release unemployment claims.
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