European Session – Sterling rallies on above-forecast manufacturing PMI
Posted on December 1, 2014 at 2:24 pm GMTSterling rallied off a 15-month low hit in Asia to reach a high of 1.5744 following an above-forecast survey of UK manufacturing purchasing managers. The PMI for November rose to 53.5 from 53.3 in October, reaching its highest level in 4 months and keeping well above the 50.0 level that expansion. From here the next risk events for the pound will be Wednesday’s autumn budget statement by UK finance minister George Osborne and then the Bank of England monetary policy [..]