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23 Sep 2013
US PMI surprises with deceleration in manufacturing, GBP/USD adds to gains
FXstreet.com (London) - Figures released by Markit followed the trend in the European numbers released earlier today by showing a weakening of US manufacturing growth.
The Markit Flash U.S. Manufacturing Purchasing Managers’ Index (PMI) came in at 52.8, down from 53.1 in August, indicating that the rate of growth was the weakest since June.
According to the report, the volume of new orders received by manufacturers continued to rise during September. However, the rate of increase was modest and the weakest in five months.
The slower rate of total new order growth partly reflected a renewed contraction in exports. New export work fell modestly and follows two months of increases.
Firms reported an increase in outstanding business in September. However, the accumulation of backlogs merely reversed a fall in August. Meanwhile, stocks of finished goods fell for the third month running, but at a much reduced pace.
EUR/USD saw some gains on the release, but continues to trade relatively flat on the day. It currently trades at USD1.3510, reaching a high of USD1.3544 on euro strength driven by Angela Merkel’s solid victory in Sunday’s German general elections.
Cable has continued steady gains, with sterling maintaining a bullish trend at USD1.6057.
US 10 year Treasuries currently trade at 1.73 percent.
The Markit Flash U.S. Manufacturing Purchasing Managers’ Index (PMI) came in at 52.8, down from 53.1 in August, indicating that the rate of growth was the weakest since June.
According to the report, the volume of new orders received by manufacturers continued to rise during September. However, the rate of increase was modest and the weakest in five months.
The slower rate of total new order growth partly reflected a renewed contraction in exports. New export work fell modestly and follows two months of increases.
Firms reported an increase in outstanding business in September. However, the accumulation of backlogs merely reversed a fall in August. Meanwhile, stocks of finished goods fell for the third month running, but at a much reduced pace.
EUR/USD saw some gains on the release, but continues to trade relatively flat on the day. It currently trades at USD1.3510, reaching a high of USD1.3544 on euro strength driven by Angela Merkel’s solid victory in Sunday’s German general elections.
Cable has continued steady gains, with sterling maintaining a bullish trend at USD1.6057.
US 10 year Treasuries currently trade at 1.73 percent.