Tag Archives: sterling

UK service PMI rises for second month, lifting sterling

The United Kingdom service sector showed a surprise improvement last month which helped point to a 0.1 percent rise in UK GDP in the first quarter. The Markit/CIPS services Purchasing Managers Index (PMI) came in above forecast at 51.8 in February compared to January’s 51.5, and beating forecasts of 51.0. This marks a second straight month above the 50 mark which separates growth from...

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March 5, 2013 @ 1:24 pm

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Weak UK manufacturing PMI hurts sterling

Disappointing UK manufacturing data caused a huge sell off in the pound on Friday pushing it down nearly 1 percent on the day against the dollar to a new 2-1/2 year low. Markets were surprised by the decrease since forecasts were for a slight rise. According to a report from Markit/CIPS, the Manufacturing Purchasing Managers' Index (PMI) recorded  a decline below the50 point level which...

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March 1, 2013 @ 11:16 am

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Sterling plummets after Bank of England policy meeting minutes suggest possible QE

The British pound dropped 0.7 percent against the dollar on expectations of more quantitative easing by the Bank of England. The Monetary Policy Committee (PMC) meeting minutes were published on Wednesday signalling that the central bank is keen expanding its current bond purchase program from the current 375 billion pounds to 400 billion pounds. The voting suggested that more MPC members in...

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February 20, 2013 @ 10:02 am

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Sterling drops to 6-month low after Bank of England Inflation Report

The British pound dropped 0.6 percent against the dollar on Wednesday to reach the lowest in six months after a dovish Bank of England Quarterly Inflation report. GBPUSD reached a low of $1.5533 in the London session shortly after the 1.30GMT publication of the report and accelerated a decline in reaction to a press conference by BOE Governor Mervyn King who spoke of the slow UK economic...

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February 13, 2013 @ 2:13 pm

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