Strong PMI data lifts sterling
Sterling came off an height week low against the Euro and recent lows against the US Dollar off the back off better than expected manufacturing and service PMI data. The data showed both sectors still contracted but there were encouraging signs the decline has started to ease off.
The Eurozone also showed tentative signs of recovery in their own services PMI from the lowest showing on record seen in last month’s data release. However the ECB’s insistence on keeping interest rates in the negative range seems to be keeping a level of pressure on the single currency.
Unemployment figures in the US reached another historical landmark for the month of May. In only nine weeks, unemployment claims have now surpassed the total of claims made during the entire Great Recession.
12.30: ECB Monetary Policy Meeting accounts
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