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Bullish Manufacturing gives the global economy hope

  • EUR Spanish Manufacturing PMI: 51.8
  • GBP Manufacturing PMI: 50.1
  • GBP Net Lending to Individuals m/m: 1.6B
  • USD ISM Manufacturing PMI: 51.3
  • NZD GDT Price Index: 3.4%
  • AUD Retail Sales m/m: 0.2%
  • AUD Trade Balance: 1.58B

Sterling continued its downward spiral, after Tuesday’s ICM phone poll saw a 14 point shift, placing the EU “Leave” camp ahead with 4 points. This injected further uncertainty around what will happen this month when the Referendum takes place. This tone continued throughout yesterday, with GBP/USD trading closer to the month’s lows and GBP/EUR ticking back below a key psychological level. 

Yesterday’s focus surrounded the secondary sector, as a raft of Manufacturing data was released from the UK, Eurozone and US. Firstly, Manufacturing registered an improved figure of 50.1. This was forecast to remain in contraction, but has finally bucked the trend and expanded for the first time since April. The Eurozone, followed suit and continued to expand at a level of 51.5, whilst the US also exceeded economists’ consensus posting a figure of 51.3.

  • EUR Spanish Unemployment Change
  • GBP Construction PMI
  • ALL OPEC Meetings
  • EUR Minimum Bid Rate
  • USD ADP Non-Farm Employment Change
  • EUR ECB Press Conference
  • USD Unemployment Claims
  • USD FOMC Member Powell Speaks
  • GBP BOE Gov Carney Speaks
  • USD Crude Oil Inventories

Today the economic docket is jam packed. Construction PMI will be released from the UK, followed by a ECB Press Conference and rate decision. The ADP Non-Farm reading is also released this afternoon. ADP will be closely watched today and further volatility is expected, as further insight is given on how Friday’s Non-Farm Payrolls will look.