The Euro and the Dollar has gained ground against the Pound Sterling, which was under pressure from the most recent data, and the continued speculation of a move to a sub-zero interest rate environment. Flash, the first results of the PMI index for the month of May, as provided by Markit Survey showed that the British economy has stabilized a little after the major hit it has taken in the past month. The Manufacturing PMI came in at a reading of 40.6 against an expected 36, while the Services Sector PMI came in at 27.8, above the 25 provided, respectively, in the previous sector readings were 32.6 and 13.4. A threshold of 50 which separates a contracting economy in expansion, and the experts are of the opinion that the UK is still firmly in the grip of the former.
11:03 am, in London, the united kingdom, and the pair GBP/USD was trading at $1.2224, a loss of 0.0695%, and is off the session low of $1.21849, while the low was posted at $1.22571. The EUR/GBP was lower at 0.8968 Pence, down 0.0346%, the pair was varied to a minimum or 0.89589 Pence to a peak, or 0.90006 Pence.
Take advantage of the recent volatility, with the world’s most popular pair.
A Trade on the EUR/USD now!
The Euro area Pmi to Show the Fight
In The Euro area, the Pmi indexes have also been released today, with generally mixed results. In Germany, the Services Sector reading was better than expected, while the Manufacturing and the Composite of the survey were worse. In France, the Composites of the investigation, was surprisingly wide of the mark, as the others have been better than expected. For the Euro area as a whole, all the three surveys were slightly better than analysts had expected. Whatever the results, all surveys have readings which are indicative or struggling economies. The EUR/USD was lower after the readings, and to trade at $1.0964, down 0.1166% off the session low of $1.09519.