Sterling announces better than expected PMI data

Tuesday, 5 April 2011 03:38

PMI service index was announced stronger than expected in the UK, bringing strong bids to the British currency.  Results for March came out at 57.1, while the results expected were to be 52.5.  The previous PMI service results were 52.6, so the British economy seems to have expanded a great deal since the beginning of the year.

While good PMI results were being announced, GBP/USD jumped from 1.6116 to 1.6249. The pair is currently trading at 1.6234.

EUR/GBP traded at 0.8728 from 0.8811 and it currenctly trading at 0.8730

GBP/JPY peaked at 136.97 from 136.08 and it currently trading at 136.83