GO Markets - FX Market Commentary

By Chris Gore
02 November 2009 @ 06:25 pm EDT

Key data brought positive news that the UK economy has taken a step forward overnight with the Manufacturing Purchasing Managers Index (PMI) for October recording a rise to 53.7 against the September result of 49.5. This aided the pound to reach highs of US$1.6478 overnight, but has since struggled to maintain momentum, retreating to current levels of US$1.6400. A similar theme saw the Euro hit highs of US$1.4845 overnight, with Euro-Zone PMI also outpacing expectation, rising to a 21 month high of 50.7 for October; a notable increase from September's recording of 49.7. 

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