In line with yesterday’s upbeat manufacturing PMI reading in the UK, today’s report has shown that construction PMI in the nation improved unexpectedly for February. Going forward, tomorrow’s services PMI data will be noted to gauge the overall performance of Britain’s private sector activity, especially considering the dominant role of the services sector in the nation’s economy.Across the Atlantic, yesterday’s ISM print showed that manufacturing activity in the US expanded at a slower pace than anticipated for February and continued on its decelerating trend for a fourth straight month. In the Euro zone, after yesterday’s better than expected preliminary consumer price inflation reading, today’s upbeat German retail sales numbers have temporarily eased concerns about the region’s economy.
Today’s data has shown that manufacturing PMI in the UK moved further into expansion, easing concerns over weak inflation. Additionally, data revealed that consumers in Britain took more credit and UK banks approved more mortgages for January, offering evidence of improving appetite among domestic consumers, especially with growth in wage earnings remaining robust.Across the Atlantic, the ISM manufacturing PMI report for February will attract considerable attention among investors in the latter half of today’s trading session. In the Euro zone, market participants will keep tabs on today’s preliminary consumer price inflation data for February, particularly after German inflation numbers surpassed market expectations last week.
Today’s data revealed that confidence among consumers in Britain held steady for February, but was slightly shy of market expectations. With no other notable macro triggers in the UK today, investors will keep a tab on next week’s manufacturing and services PMI readings and the BoE’s policy meeting for further direction.Across the Atlantic, the GDP report is anticipated to show that the nation’s economic growth was revised down for the last quarter of 2014, as an elevated US Dollar weighed on external trading activities. In the Euro zone, today’s flash German consumer price inflation data will be eyed to gauge if deflationary headwinds in the economy show any signs of easing.