Currencies Outlook: US Manufacturing Strong, UK Uncertain

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This week's Forex highlight sees some positive performance from the US manufacturing sector. Conversely, European countries have experienced setbacks accompanied by the growing geopolitical instability in Ukraine. UK manufacturing also looks uncertain given the weakening manufacturing performance data.

Today, we see that the UK Factory Index fell to a 14 month low. Markit economics said its factory gauge dropped to 52.5, the lowest since June 2013. These problems are further compounded by geopolitical risks and a weaker demand for the Euro. After the announcement of this news, prices for the GBP/USD fell sharply below the 1.6613 and 1.66058 support levels. However, strong demand for the GBP drove prices above those two levels. Given the daily downward channel of the currency pair and bearish news, the trend remains... Read More

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