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1 Nov 2013
Flash: Sterling data on the open – TD Securities
FXstreet.com (London) - Research teams at TD Securities noted the data and current details around Sterling for Friday into the North American shift.
Key Quotes:
“The UK manufacturing PMI fell to 56.0 (56.4E). However, the easing in the PMI wasn't quite as severe as it first appeared since the September number was revised down from 56.7 to 56.3. Details of the report were not too bad, with export orders at their highest since Feb 2011, as noted above, and total new orders still sitting at close to the 19y peak hit in Aug”.
“It seems the improvement in export orders is reasonably broad-based, with Markit reporting higher orders from Asia, US, mainland Europe, Ireland, Middle East, and Russia”.
“Employment is also still rising here for the 6th straight month. So despite the PMI pulling back a bit, it looks like there's still pretty decent momentum heading into the end of the year”.
“It was also announced this morning that RBS would not be formally broken up but it’s non-core division and some other “risky” assets totaling £38bn are being transferred into an internal bad bank while the divestment of Citizens has been brought forward through an IPO due next year with the US arm completely spun off by the end of 2016”.
Key Quotes:
“The UK manufacturing PMI fell to 56.0 (56.4E). However, the easing in the PMI wasn't quite as severe as it first appeared since the September number was revised down from 56.7 to 56.3. Details of the report were not too bad, with export orders at their highest since Feb 2011, as noted above, and total new orders still sitting at close to the 19y peak hit in Aug”.
“It seems the improvement in export orders is reasonably broad-based, with Markit reporting higher orders from Asia, US, mainland Europe, Ireland, Middle East, and Russia”.
“Employment is also still rising here for the 6th straight month. So despite the PMI pulling back a bit, it looks like there's still pretty decent momentum heading into the end of the year”.
“It was also announced this morning that RBS would not be formally broken up but it’s non-core division and some other “risky” assets totaling £38bn are being transferred into an internal bad bank while the divestment of Citizens has been brought forward through an IPO due next year with the US arm completely spun off by the end of 2016”.