Foreign Exchange Daily Market Update 01/03/2017

Thu, March 02, 2017

Pound Falls After UK Manufacturing Figures

U.K. Manufacturing activity grew at the slowest pace in three months this month, as output growth eased, industry data showed on Wednesday.

U.K. manufacturing PMI fell to a seasonally adjusted 54.6 last month from a reading of 55.9 in January. Analysts had forecasted the index to fall slightly to 55.6 in February. Anything above 50.0 indicates industry expansion, below indicates contraction.

The Pound’s fall since the U.K.’s June referendum on EU membership has had diverse effects for manufacturing, generating cheaper products for international buyers while also increasing costs for producers. A gauge of input prices slipped from a record high last month.

The Pound declined after this data to 1.2361 against the Dollar. Sterling also fell against the Euro to 1.1731.

Data to look out for today.

08:55: EUR German Unemployment Rate

09:30: GBP UK Manufacturing PMI

13:00: EUR German Consumer Price Index

15:00: USD ISM Manufacturing

CURRENCY PAYMENTS MADE SIMPLE

PRESS RELEASE

KBRFX was mentioned in the Essex Chronicle for the top 100 companies by turnover in Essex http://www.essexchronicle.co.uk/100-Essex-businesses-revealed-annual-survey/story-25140555-detail/story.html

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