Manufacturing Purchasing Managers Index for the month of April have been announced in the United Kingdom. The announced rate of 54.6 was significantly lower than the 56.9 market speculation and the 57.1 previous reading in March. Upon the announcement the Sterling plumed against the Euro and the Dollar losing around 45 and 75 pips respectively.
The Manufacturing Purchasing Managers shows business conditions in the manufacturing sector. Since this sector controls a significant part of a country’s total growth, the Manufacturing PMI is a vital indicator of business and economic conditions. A reading above 50 is usually associated by bullish bullish behavior of the currency.