Daily update
EUR Markit Manufacturing PMI GBP Markit Manufacturing PMI One of the highlights yesterday was from Australia with TD Securities Inflation report turning out positive shifting from 1.2% to 1.3% which was positive yet miniscule causing the AUD/USD to gain some strength. Moving on, we saw release of the Markit Manufacturing PMI from several countries, from the UK it came out better than expected while the EUR remianed the same as previous. A few general low-tier reports came out for USD which were all positive but the major report of the day was the ISM manufacturing PMI which turned out positive shifting from 49.4 to 51.5, causing the USD to strengthen and causing its competing currencies EURO and GBP to decline. GBP was further pressurized throughout the day due to the announcement from Theresa May, the Prime Minister of UK stated that she will invoke article 50 the Lisbon Treaty and commence the BRIXIT process which will commence no later than March of 2017. This caused the GBP to plunge to 4.7073 which is a new low in the past 3 months. After two rate cuts from Australia earlier in the year, the RBA decision to hold the cash rate at their historically low level of 1.5% came as no surprise. This decision marks the first interest rate decision by new Governor Philip Lowe whom replaced long-time Governor Glenn Stevens last month. From the UK, the PMI Construction report will be released during the day and it is expected to have a negative shift from 49.2 to 49 and since the Construction sector doesn’t dominate the GDP compared to the manufacturing PMI, we can expect a slight influence in the currency. Finally, the day will conclude from Europe with the Producer Price Index, ir measures the change in prices received by domestic producers of commodities in all stages of processing.Yesterday’s markets
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