Sterling rises after stronger than expected PMI and Mortgage Data
01.03.07
CIPS Manufacturing PMI (55.4% bal) showed British factory activity accelerated at its fastest pace in two and a half years last month with firms hiking prices at their sharpest rate since records began eight years ago. This news, together with mortgage approvals (120k) which suggested that the housing market isn’t suffering too much in the wake of recent rate hikes, allowed Sterling to advance against both the Dollar and the Euro.