U.K. manufacturing PMI rose to 56.7 from 54.6 in January which was the fastest pace in 15 years. Great Britain also saw house prices rise 0.1% according to the Hometrack housing survey adding evidence that the economy is recovering.
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EUR/USD – The final reading for Euro-Zone Purchaser’s managers index was revised higher to 52.4 from 52.0. The sector improved for a tenth straight month and has been in expansion since October. An improving global economy and government stimulus programs designed to inspire automobile purchases have generated demand from abroad. A weakening Euro may offset stalling growth allowing the current expansion to continue. To discuss this and other topics, please visit the EUR/USD Forum.
GBP/USD– U.K. manufacturing PMI rose to 56.7 from 54.6 in January which was the fastest pace in 15 years. Great Britain also saw house prices rise 0.1% according to the Hometrack housing survey adding evidence that the economy is recovering. The economy ended its longest recession since WWII in the fourth quarter with growth of 0.1%. However, economist were expecting a 0.4% expansion and a unexpected drop in mortgage approvals to 59.0K from 60.0K could be a sign that growth could stagnate. The BoE has warned that the recovery could stall if bank lending standards remain tight. To discuss this and other topics, please visit the GBP/USD Forum.
