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GBP Outperforms on Multi-Month High PMI

FOREX
  • GBP outperforms, rallying against all others as PMI data topped expectations. The services sector was a particular source of strength, with February PMI jumping to 53.3 vs. Exp. 49.2. The release marked an 8-month high for both Composite and Services, and a 7-month high for Manufacturing PMI (albeit still in contractionary territory).
  • GBP/USD futures volumes surged on the back of the PMI beat, putting spot at fresh session highs. Over 3,000 contracts traded in the reaction (cash equivalent ~ $250mln) - putting the pair to just below the Feb16 high at 1.2075. 1.2092 (50% retracement for the Feb14 - Feb 17 downleg) sits as next intraday resistance.
  • The greenback made modest gains ahead of the NY crossover, while AUD and NOK make up the poorest performers of the session so far.
  • Canadian retail sales and inflation data are top of the docket Tuesday, with US February PMIs also due. Existing home sales for January round off the calendar, with ECB's Lagarde also scheduled.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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