GBP/USD: UK Manufacturing PMI
The Sterling ignored weaker than expected UK Manufacturing PMI data, but remained relatively strong against the US Dollar. The GBP/USD currency pair was little changed on the report, while remaining under bullish sentiment to head for the 1.3600 mark.
Britain's manufacturing sector grew at a weaker pace in December, following four-year high reached in the prior month, while still remaining a bright spot in the UK economy heading to 2018. in contrast to solid expansion in the Euro zone, the HIS Markit/CIPS Manufacturing PMI for Britain fell to 56.3 in the reported month. The PMI remained above its yearly average for a whole 2017, despite some cooling in new business, export orders, output and employment growth.
USD/CAD: Canadian Manufacturing PMI
The USD/CAD exchange rate was not affected strongly by the Canadian and the US manufactjust ahead of 4:00 PM Londox fix.uring reports. Though the pair fell strongly by 31 base points just ahead of 4:00 PM Londox fix.
The Canadian manufacturing sector marked stronger pace of growth by the end of 2017, as companies increased operating capacity due to a rise in work backlogs and new orders, data revealed on Tuesday. Markit reported that Canada's Manufacturing PMI grew to 54.7 in December, following 54.4 in the prior month. Companies stated that higher demand was partly caused by spending within the energy sector, which kept recovering from the oil price drop two years ago. In addition, 36% of surveyed manufacturers anticipate output volumes to increase in 2018.
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