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HISTORICAL DETAILS
% Change
1 Wk -0.61%
1 Month 1.42%
3 Months -1.12%
6 Months 1.00%
1 Year 3.92%
52 WEEK
High 1.6747
Low 1.5297
BLOOMBERG MEDIAN FORECASTS
Q2 2011 1.63
Q3 2011 1.61
Q4 2011 1.63
Q1 2012 1.61
DAILY DETAIL
Sterling had a volatile session yesterday as UK Manufacturing PMI data came in weaker than expected, and traders remained cautious ahead of the vote on the US debt deal, subsequently passed by the House of Representatives. After hitting a high of 1.6473 in yesterday's Asian session, cable was subsequently sold down hitting a low of 1.6235 after the release. UK manufacturing PMI came in at 49.1, weaker than the forecast 51.1 at its lowest level since June 2009. Down from 51.4 last month, the reading is in contractionary territory and has raised concerns that the manufacturing sector is deteriorating at an alarming rate. If the trend continues, it could add further support to extending the Asset Purchase Programme, or quantitative easing. In Asian trade, sterling opened the session around the 1.6290 level and has pushed modestly higher to the 1.6311 mark. Tonight, the main domestic focus will be construction PMI figures due for release at 6.30pm (Melbourne time) against a background of volatility driven by overall sentiment towards the health of the European and US economies. Ben Potter, Australia
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