Sterling outperforms on strong UK manufacturing data

2 September, 2013

The euro was trading higher against the dollar on Monday after data showed the Euro-zone manufacturing sector expanded more-than-expected in August. 

EURUSD traded above the key $1.32 level, hitting a session high of $1.3225, off last week’s trough of $1.3172.

However against the British pound, euro weakened to a two-month low after strong U.K. manufacturing PMI data which increased at its fastest pace in over two years, lifting expectations that an economic recovery is gathering pace in the third quarter.

EURGBP slid to 84.71 pence, down 50 pips since Friday’s close. GBPUSD surged to $1.5592 up 80 pips since Friday’s close.

Also propping up sterling is a deal by Vodafone and Verizon Wireless.   It is expect4ed that the British company will sell its stake in Verizon Wireless, which could involve bringing over £30 billion of cash back into the U.K.

The yen is weaker across the board today as a result of Japan’s Prime Minister’s bond stimulus measures to boost the economy. One of these measures includes a sales-tax increase for which he approved backing today. Stimulus measures tend to have a weakening effect on the yen.

USDJPY surged to 99.41, the highest level in a month while EURJPY gained over 1 percent to 131.37 yen. 

Looking ahead to the U.S. session, there are no data releases due to markets being closed in the U.S. and Canada. A quiet session is expected.

Meanwhile focus will turn to central bank meeting from the ECB and BOE later this week, as well as the BOJ.

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