European Session – Risk aversion weighs on euro and sterling
Posted on March 1, 2013 at 1:51 pm GMTThe biggest mover of the European Session on Friday was the British pound which tumbled after disappointing UK manufacturing data. The Manufacturing Purchasing Managers’ Index (PMI) showed a drop to 47.9 from a downwardly revised 50.5 in January, which surprised markets as forecast was for a rise to 51.00. The 50 point level demarcates expansion from contraction. As a result, GBPUSD tumbled to a new 2-1/2 year low of $1.5011, the lowest level since July 2010. The UK data which [..]