GBP
The only piece of data for the pound yesterday was the release of the UK
manufacturing PMI. UK manufacturing growth picked up in July, a survey has
suggested, after a 26-month low in June. Manufacturing accounts for around 10%
of the UK economy, the index rose to 51.9 in July, from 51.4 in June. A figure
above 50 indicates expansion.

However, it remained below the average of 54.3 the sector has had since April

GBP
The only piece of data for the pound yesterday was the release of the UK
manufacturing PMI. UK manufacturing growth picked up in July, a survey has
suggested, after a 26-month low in June. Manufacturing accounts for around 10%
of the UK economy, the index rose to 51.9 in July, from 51.4 in June. A figure
above 50 indicates expansion.

However, it remained below the average of 54.3 the sector has had since April
2013. Production expansion remained dependent on consumer goods manufacturing,
which offset a contraction in investment goods such as plant and machinery,
Markit said. In addition, demand for exports was being sapped by the
sterling-euro exchange rate as new export orders contracted for the fourth
consecutive month in July.

EUR
The Athens stock exchange ended its torrid first day of trading in five weeks
16.2 percent lower, after it reopened for the first time in five weeks. Greek
banking stocks were the worst hit with Alpha Bank, Attica Bank and Eurobank
Ergasius, Bank of Piraeus and the National Bank of Greece all closed around 30
percent lower – the daily volatility limit. Banks make up about a fifth of the
index. It had fallen behind by 22.87% just minutes after opening for trade. Not
long after the market reopened at 07:30 GMT, the Athex had plunged to 615.16
points, down by 182.36 points from the 26 June close. 

There were also some reasonable eurozone PMI manufacturing figures, with German
and Eurozone manufacturing as a whole beating consensus. And even though Greek
banks dropped up to 30%, elsewhere the sector was buoyed by positive results
from HSBC and Commerzbank.

USD
The pace of growth in the U.S. manufacturing sector slowed in July and
disappointed expectations, according to an industry report released on
Monday. The Institute for Supply Management (ISM) said its index of
national factory activity fell to 52.7 from 53.5 the month before. The reading
was shy of expectations that the pace would remain unchanged at 53.5, according
to a Reuters poll of economists.

New orders rose to 56.5, up from 56.0 in June and marking the highest reading
since December. The prices paid index fell to 44.0 from 49.5, compared to
expectations for 49.0. The employment index slipped to 52.7 from 55.5, also
short of expectations for a reading of 54.7, while the imports index hit its
lowest level in a year at 52.0. The July numbers are the latest in a string of
mixed reports for U.S. factories, which have struggled to overcome a stronger
dollar, weak overseas demand and a rocky first quarter.

 

Key
Announcements:

There are no key announcements today.