Market unimpressed by UK Manufacturing data

Jarratt Davis

Special Consultant to the FPA
Sentiment update for the New York trading session, 3rd April 2018

During today's London session, the main event was UK Manufacturing PMI which printed above expectations at 55.1 versus market consensus of 54.7.

Despite the beat on Manufacturing PMI and reports that PM May is now looking at a customs partnership as a resolution to the Irish border, GBP has remained relatively pressured with GBPUSD now down on the day along with GBPJPY now below the 149.00 handle.

Elsewhere, although concerns over trade wars continue to linger with European equities residing in negative territory across the board, concerns have eased to some degree which is mildly supporting commodity-based currencies with AUD, NZD and CAD higher on the day.

Furthermore, the latest reports that President Trump is said to be pushing for a deal 'in principle' in NAFTA negotiations is further supporting CAD.

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