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Manufacturing Monday

4th July 2017 Market Update

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?? GBP – Manufacturing data dominated proceedings yesterday, and the UK was no different with manufacturing PMI coming in below expectations at 54.3. This shows that the economic outlook in the manufacturing sector is less optimistic since the last reading. Despite this, the pound only really lost ground against the dollar over the course of yesterday.

This morning on the back of yesterday’s manufacturing PMI the UK’s construction PMI is being released today. This is also expected to show a slight drop and could slightly weaken the pound.

?? EUR – Yesterday manufacturing data across Europe was also released. On the whole the data was seen as positive, despite drops in Spain, France and Italy.

Today the only thing of note from Europe is Spanish employment data, which came in below expectations. However, this has had minimal impact on the exchange rates.

?? USD – The US’s ISM manufacturing PMI was released yesterday and came in above expectations helping maintain momentum that there could be a further interest rate rise this year from the Fed. This allowed the dollar to strengthen across yesterday.

Today is independence day in the US, so no dollar payments will be made today and there is no US data being released.

Key Announcements

?? GBP
09:30am – Construction PMI.


Our View: Economic data seems to be largely overlooked currently with markets preferring to focus on the likelihood of interest rate hikes in the major currencies. Yesterday was a good example of this, with the manufacturing data not significantly moving the markets. The euro appears to be on the front foot whilst the US dollar appears to still be vulnerable.


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Darren Kilner

Darren Kilner

Darren is Head of Dealing at FairFX. Darren lives and breaths FX, his Mastermind topics are G8 currencies and economic forecasts.

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