By Benjamin Spier, UK PMI manufacturing expansion rate comes in 1.4 higher than expected -> data represents fastest manufacturing expansion in ten months -> GBP/USD reaches yearly high of 1.6060 following the report UK Purchasing managers’ index (PMI) manufacturing numbers for March came in at 52.1, an expansion rate 1.4% higher than analysts’ expectations. It was the fastest acceleration of manufacturing growth in ten months. Earlier today, Euro-Zone PMI manufacturing came in even with expectations, while the same report in Germany outperformed expectations. A PMI above 50 indicates that manufacturing orders are up and is a sign for positive economic outlook. GBP/USD reached a new yearly high of 1.6060, continuing the day’s 50 point rally ahead of the release. GBP/JPY lost initial gains following the report, but remains 40 points above the day’s open.
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