During the conference in Hague, German Chancellor Angela Merkel said that the EU would find a backstop solution by October 31 (Brexit deadline).
UK manufacturing slowdown is neglected by British pound
On Thursday, the British pound held its revenues versus the evergreen buck notwithstanding data disclosing that in January British factory surge stepped down to a seven month minimum because new orders along with output slowed.
The currency pair GBP/USD rallied 0.40% being worth 1.4245, staying below a session maximum of 1.4274.
Markit, research company informed that in January the British manufacturing purchasers’ index went down, reaching 55.3 versus December’s reading of 56.2.
By the way, market experts had predicted a result of 56.5.
It shows that surge stepped down, although it’s still fluctuating over the long-term average.
The informed that the previous month output surge as well as new order growth inched down, while raw material costs edged up. It backed input costs and made businesses lift prices.
Market experts pointed to rather an undesirable combination of soaring prices and slower surge in the beginning of this year. They added that demand will require strengthening in the short term to avert further surge momentum being lost soon.
Demand for the UK currency kept being supported by everlasting weakness in the evergreen buck as well as optimism as for the British economy and also the prospect of a Brexit pact, which appears to be more advantageous to Great Britain.
The British pound ascended a bit versus the common currency, with EUR/GBP losing 0.13% trading at 0.8735.
As for the euro zone, Thursday’s data revealed that in January factory ascend was still firm.
The euro zone manufacturing PMI demonstrated 59.6, which is a bit down from December’s record maximum of 60.6.
Besides this, the common currency managed to ascend versus the greenback, with EUR/USD soaring 0.27% hitting 1.2446, which is not far from the more than three year maximum of 1.2537 hit the previous week.
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Welcome to Tuesday, people! Here’s your markets update ahead of the European trading session.