http://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/top_fx_headlines/2011/01/04/fxheadlines_british_pound_rises_on_positive_UK_manufacturing_data.html
Fundamental Headlines
• Hot Money Roils Growth Currencies – Wall Street Journal
• The Dollar’s Up-and-Down Year – Wall Street Journal
• Estonia Joins Crisis-Hit Euro, Others Wary – Financial Times
• Currency Carry Trade Losses May Bolster US Dollar – Bloomberg
• German Two-Year Yield near 11-Week Low on Concerns about Euro-Area Debt – Bloomberg
GBPUSD: UK PMI Manufacturing was at 58.3, topping expectations while being the highest reading in the last sixteen years. The data points to the third consecutive monthly increase while the figure hasn’t hit 58.0 since May. The PMI numbers caught traders by surprise as disruption had been expected because of the recent inclement weather. The pound subsequently recovered against the dollar, rising above 1.56 for the first time since New Year’s Eve before meeting resistance at 1.563; the pair is now hovering around 1.56 and still at a 0.75% increase on the day. The euro fell against the pound, hitting an intraday low at 85.64 pence coming off a seven week high of 86.45 last week. The euro has recovered slightly but is still down 0.36% against the pound on the day. Other UK data was mixed on Tuesday and failed to provide significant price action as mortgage approvals rose unexpectedly in November while consumer credit fell.
Written by Alex Rodriguez, DailyFX Research Team
For questions or comments, please e-mail arodriguez@fxcm.com
DailyFX provides forex news on the economic reports and political events that influence the currency market.
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