4 Mar 2014
Flash: GBP/USD suffering on softer data - BBH
FXStreet (Guatemala) - The Global Currency Strategy Team at Brown Brothers Harriman noted that the UK construction PMI was softer than expected, hitting a four month low of a still lofty 62.6.
Key Quotes:
“The market had expected a pullback from the record (for this short time series, going back to mid 2008) 64.6 reading in January, but half of what was delivered”.
“Too much should not be read into the data, it remains at relatively high levels, poor weather may have played a role, and it is the smallest of the sectors covered by the PMI. Tomorrow's services report covers a much larger swath of the economy”.
“Sterling initially extended yesterday's losses in Asia, but rebounded to almost $1.6720”.
Key Quotes:
“The market had expected a pullback from the record (for this short time series, going back to mid 2008) 64.6 reading in January, but half of what was delivered”.
“Too much should not be read into the data, it remains at relatively high levels, poor weather may have played a role, and it is the smallest of the sectors covered by the PMI. Tomorrow's services report covers a much larger swath of the economy”.
“Sterling initially extended yesterday's losses in Asia, but rebounded to almost $1.6720”.