Pound surges due to PMIs

Note: This section contains information in English only.
Source: Dukascopy Bank SA


It appears that a sharp move of the Pounds value at 09:30 was caused by the publication of better than expected United Kingdom Purchasing Managers Indices of the Services and Manufacturing sectors.

The Markit Services and Manufacturing sector Purchasing Managers Index survey results revealed better than expected situations in the two economic sectors. The Manufacturing PMI was forecast to be at 45.00 and the Services PMI to show a reading of 49.5. Instead the released numbers were 46.7 and 50.5. A reading of the PMI below 50 shows a contraction of the sector, but a reading above expansion. Namely, the data showed that the Manufacturing sector is not doing as bad as thought, and the Services sector has managed to grow instead of the expected decline.

The event resulted in a 60 pip or 0.48% surge of the GBP/USD currency exchange rate, which resulted in the pair touching levels not observed since September.
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