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Steady Pound Euro Exchange Rate (GBP EUR) Despite UK Manufacturing Data

July 1, 2013 - Written by John Cameron

There have been plenty of significant data releases during today’s session, but not a great deal of price action for the world’s major currency pairs. The Pound has remained relatively steady against the euro on the day, with the Pound to euro exchange rate (currency : GBP EUR) dipping by a barely relevant 0.05% so far on the session to trade down to 1.1680. Some more than respectable UK manufacturing data failed to budge Sterling earlier on; last month’s British Purchasing Managers Index survey revealed that activity levels in the key manufacturing sector of the UK’s economy had increased by more than had been expected last month the showing of 52.5 versus analysts’ expectations of 51.4.

The encouraging news regarding the UK’s manufacturing base was backed up by more positive developments in Britain’s all important housing sector. The latest Bank of England figures, released earlier, revealed that the number of home loans approved during the month of May had hit its highest level since the latter part of 2009. The showing of 58,242 was considerably higher than April’s counterpart figure of 54,354, providing further encouraging signs regarding the state of Britain’s housing market.

Meanwhile, one sovereign state which has been enduring a torrid time of it during recent months has been Spain. However, this morning’s Spanish data suggested that the struggling Iberian state’s manufacturing sector is improving once more. The Spanish PMI manufacturing survey showed a healthy increase from 48.1 in May all the way up to 50.0 last month. With more than one in every four Spanish workers unemployed, it’s far too early to talk about the green shoots of recovery just yet for Spain’s decimated economy. However, if the eurozone’s peripheral states continue to show signs that their post-2007 downturn is bottoming out, then the euro may hoover up support from market participants in coming months.

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