FX update: Sterling firms a touch on UK PMI data
First Published Friday, 10 July 2009 from Need to Know News
GBP found a modicum of support around 1.6340 after UK June services PMI held up, after showing only a slight deterioration to 51.6 versus 51.7 in May.
This was a bit better than expected and indicated that the service sector is still experiencing an expansion, which will offer hopes that the UK recession is coming to an end.
The break down indicated that expectations remain highs, but new business and job cut continue within the sector and highlights that any recovery will be fragile and protracted.
- LEH comes blasting back into the collective consciousness - Banks are distancing themselves from LEH dealings
Citi said early this morning that they see nothing in the 2000 page LEH post-mortem that worries them....continued
- JPM CEO: 'Banks Have to Be Allowed to Fail...Banks Should Pay for Bank Failure'
...continued
- Consumer Sentiment down but not out
Businesses appear to have it just about right with flat inventories coinciding with increasing trepidation on the part of consumers....continued
- Investment Banks Higher, GS Up 1.3%, MS Up 1.9%
...continued
- Weekly ECRI US Leading Econ Index: 130.6 from 129.8
...continued
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