The Euro slid against the Dollar, gaining for the fourth day, yesterday. The ECB is expected to cut its main interest rate for the first time in 10 months to a record-low 0.5 percent today. Currently, interest rates are at 0.75%, but there as been demand for further cuts amongst fears over the economy. Germany's manufacturing Purchasing Managers' Index (PMI) fell to 48.1 in April from 49 in March. Also in Manufacturing PMI data reported a decline in France, Italy and Spain.
Meanwhile, Sterling stays higher against the Dollar - its highest level in 11 weeks. British construction production returned to growth in April, according to a survey - its greatest performance in six months. Construction PMI increased to 49.4, exceeding a forecast for 48.0. In March, the index was reported at 47.2. Also, the Pound increased against the Euro prior to the European Central Bank decision on interest rates.
Posted in Daily Market News on May 30 2014
UK manufacturing contracted slightly in April, the first vital data of the second quarter showed today. The manufacturing Purchasing Managers’ Index (PMI) increased to 49.8 in April from a higher adjusted 48.6 in March. Manufacturing production dropped 0.3 percent in the first quarter while the economy grew 0.3 percent.VIEW FULL ARTICLE
Posted in Daily Market News on May 1 2013 by alex