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UK Manufacturing Gives Pound Brief Respite

Categories: AUD, CAD, EUR, GBP, Markets, News, NZD, USD

Sterling



GBP/USD 1 Week Chart

The Pound (GBP) rallied against most of its peers yesterday morning as the UK’s Manufacturing PMI jumped from 53.6 to 56.1 in December, reaching its highest levels since June 2014.
The bump was attributed to a rise in exports as the low value of Sterling made British goods more attractive to overseas buyers, with Asia in particular seeing a rise in orders. However investors quickly soured on the Pound as experts speculated that rising import costs and a fall in domestic demand would cause manufacturing to slide in 2017.

Euro

Sterling surged to a two-week high against the Euro (EUR) on Tuesday morning as traders were upbeat about the rise in UK manufacturing.
The Pound receded to its starting levels in the afternoon however as the single currency was bolstered by Germany’s impressive Consumer Price Index, which reported that Germany’s inflation rate rocketed to 1.7% in December, up from 0.8% the previous month and outpacing forecasts of 1.4%.

US Dollar

‘Cable’ fell by over half a cent yesterday as the US’s own manufacturing data also saw a jump.
The US Dollar (USD) reached its best levels for the week as ISM reported that US manufacturing rose from 53.2 to 54.7 in December, beating expectations that it would only rise to 53.8 and reaching a two-year high.
Meanwhile the release of the minutes from the Federal Reserve’s meeting back in December could see the ‘Greenback’ appreciate further today as the tone is likely to be hawkish following the Fed’s prediction of three rate hikes in 2017.

Canadian Dollar

The Pound tumbled by around a cent against the Canadian Dollar (CAD) on Tuesday, briefly reaching a two-month low as the ‘Loonie’ was bolstered by rising oil prices at the start of OPEC’s production cuts, although doubts over the impact of the cuts on the global surplus caused crude prices to recede overnight, dragging on CAD.

Australian Dollar

The Pound Australian Dollar (AUD) exchange rate plummeted yesterday as an impressive Chinese manufacturing report helped the high-yield ‘Aussie’ to advance as investors speculated that improved production in China would increase demand for commodities.

New Zealand Dollar

The Pound initially rallied by over a cent against the New Zealand Dollar (NZD) yesterday as a strong UK manufacturing print and falling prices at the latest Dairy Auction caused the ‘Kiwi’ to slump, however a drop in Sterling sentiment in the afternoon saw the GBP NZD exchange rate quickly fall once again.

TorFX Author: TorFX

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