Dukascopy Bank Team
Dukascopy Bank SA
EUR/USD: German Flash Manufacturing PMI
The European Single Currency depreciated against the US Dollar, following the German Flash Manufacturing PMI release on Friday at 08:30 GMT. The EUR/USD exchange currency rate lost 83 pips or 0.73% , right after the release. The European Single Currency continued trading at the 1.1300 area against the US Dollar.
The Markit released German Flash Manufacturing PMI data that came out lower-than-expected of 44.7, compared to forecast 48. Note, that the German Flash Services PMI was released at the same time with the Manufacturing PMI.
Key comments from Phil Smith, Principal Economist at IHS Markit: "The downturn in Germany's manufacturing sector has become more entrenched, with March's flash data showing accelerated declines in output, new orders and exports. Uncertainty towards Brexit and US-China trade relations, a slowdown in the car industry and generally softer global demand all continue to weigh heavily on the performance of the manufacturing sector, which is now registering the steepest rate of contraction since 2012."
GBP/USD: UK Retail Sales
The British Pound appreciated against the US Dollar, following the UK Retail Sales data released on Thursday at 09:30 GMT. The GBP/USD exchange currency rate gained 11 pips or 0.09% during a minute, right after the release. The British Pound continued trading at the 1.3050 area against the US Dollar.
The Office for National Statistics released UK Retail Sales data that came out better than expected of 0.4%, compare to forecasted negative 0.4%.
Rhian Murphy, the ONS's head of retail sales, said: "Retail sales continued to bounce back in the three months to February with strong increases in fuel sales and online shopping. "
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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