Mining stocks provided early FTSE100 support along with falling crude oil prices. Weaker than expect PMI numbers for March tested the Pound, however.
It was a relatively quiet morning on the UK economic calendar. The UK’s finalized manufacturing PMI for March was in focus.
In March, the UK Manufacturing PMI fell from 58.0 to a 13-month low of 55.2, which was down from a prelim 55.5.
According to the March survey,
Ahead of today’s stats, the Pound rose to a pre-stat and current-day high of $1.31513 before falling to a pre-stat and current-day low of $1.31124.
In response to today’s PMI, the Pound fell to a post-stat low of $1.31181 before rising to a post-stat high of $1.31307.
At the time of writing, the Pound was down by 0.04% to $1.31289. Despite today’s PMI, market sentiment towards BoE monetary policy remained Pound positive.
While the PMI tested Pound support, it has been a bullish start for the FTSE100, with a pullback in crude oil prices providing riskier assets with early support.
At the time of writing, the FTSE100 was up by 0.38% to 7,544.41, while Brent Crude was down by 0.78%.
Mining stocks were on the move this morning, with Rio Tinto (+1.73%), Anglo American (+1.92%), and Glencore (+1.19%) making solid gains.
With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.