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1 May 2013
Forex Flash: UK makes the most of Mayday - BBH
FXstreet.com (Barcelona) - Brown Brothers Harriman analysts note that with most financial centers closed for the May Day celebration, the UK had the stage to largely itself in Europe and opportunity was not wasted.
They write, “CIPS manufacturing PMI was stronger than expected, rising to 49.8 from an upwardly revised 48.6 in March (initially 48.3). Even though it is the third month below the 50 boom/bust level, it is not only the best economic news, but follows up on last week's stronger-than-expected Q1 GDP report. That the new orders component of the PMI rose above 50 for the first time since January (50.6 vs 49.3) is also constructive. If in the land of the blind, the one eyed man is king, the UK is it (today). “
They write, “CIPS manufacturing PMI was stronger than expected, rising to 49.8 from an upwardly revised 48.6 in March (initially 48.3). Even though it is the third month below the 50 boom/bust level, it is not only the best economic news, but follows up on last week's stronger-than-expected Q1 GDP report. That the new orders component of the PMI rose above 50 for the first time since January (50.6 vs 49.3) is also constructive. If in the land of the blind, the one eyed man is king, the UK is it (today). “