UK Experiences Fastest Manufacturing Growth In Ten Months

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 PMIabove 50 indicates that manufacturing orders are up and is a signfor 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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Original Article: http://www.dailyfx.com/forex/market_alert/2012/04/02/UK_Experiences_Fastest_Manufacturing_Growth_in_Ten_Months.html

DailyFX is the forex news and research arm of FXCM (NYSE: FXCM), which provides currency trading and brokerage services and is an advertiser on TheStreet websites. Any opinions, news, research, analyses, prices, or other information is provided as general market commentary, and does not constitute investment advice. Dailyfx will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Currency trading involves significant risk of loss. Individual authors may hold positions in the currencies discussed in the article.

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