Chinese manufacturing output has hit a 10 month low

Published on in Foreign Exchange News by
Chinese manufacturing output has hit a 10 month low according to PMI data released this morning. As a result Far Eastern stock markets have fallen and European stocks are expected to open lower, which in turn has seen the USD strengthen against a basket of currencies overnight.

So the consolidation phase continues with risk taking a softer tone overnight as concerns over Spain come to the fore once again, which sees the Euro now give back some of the gains made from last week. Opening below €/$ 1.3000 and the Pound opening above € 1.2450 level is all technically negative for the Euro as the speculative world cover their long Euro or short USD positions.

Sentiment remains USD negative overall, however market traders appear to be somewhat confused as we witness the first good correction in favour of the USD since the Federal Reserve’s stimulus last week. After corporate selling interest for the Pound above $ 1.6250 over the last two days trading, we open below $ 1.6200 in the stronger USD scenario.

Also feeling the affect of the Chinese data are commodity currencies including the AUD which are trading weaker this morning. Oil also plunges after Saudi increased their output this week as Middle East tensions continue to rise.

Main Currency Pairs * Yesterday Today
GBP/EUR 1.24510 1.24990
GBP/USD 1.62430 1.61840
GBP/CAD 1.58250 1.58410
GBP/NZD 1.96280 1.96750
GBP/AUD 1.55510 1.55840
GBP/AED 5.96280 5.94280
EUR/USD 1.30440 1.29410
GBP/CHF 1.50750 1.50680
GBP/ZAR 13.4138 13.3504
GBP/SEK 10.6640 10.6159
GBP/JPY 127.741 127.544
GBP/PLN 5.12000 5.15170
GBP/SGD 1.99270 1.98340
EUR/PLN 4.11390 4.13530
EUR/CHF 1.21130 1.20950
GBP/MAD 13.8564 13.8585
PLN/EUR 0.24310 0.24180
GBP/CZK 30.8836 30.9829
GBP/DKK 9.27680 9.28680
GBP/HKD 12.5948 12.5584
GBP/HUF 353.230 352.685
GBP/NOK 9.29120 9.25810
GBP/INR 87.7710 87.4598
GBP/THB 50.1693 49.9377

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