It was a very quiet day on the data front yesterday with sterling trading within a 30-pip range against the EUR just above the 1.1900 mark. GBP/USD ended the day just under 1.3400 with EUR/USD also dropping well below 1.1300 as restrictions come back into place across Europe.
The Euro has started the day on the front foot after stronger than expected PMI data from Germany and the EU – Germany coming in at 57.6, beating estimations of 56.9. This is showing the continued growth in the service and manufacturing sector throughout Europe, though German health minister, Jens Spahn, has said that they cannot rule out any tougher measure to combat the fourth Covid wave in the country which could curb this.
UK PMI’s were released this morning, printed at 58.2 which was a slight improvement on the forecast, though it’s done little to influence the pound. We will also see US PMI’s released at 14:45 which may provide some fresh impetus for investors.
Have a great day.
Thomas Read, Senior Relationship Manager.
Whilst every effort is made to ensure the information published here is accurate, you should confirm the latest exchange rates with WorldFirst prior to making a decision. The information published is general in nature only and does not consider your personal objectives, financial situation or particular needs. Full disclaimer available here.