European Business Activity Data

• Italian Manufacturing PMI (Aug), fact 48.7, forecast 48.5.
• French Manufacturing PMI (Aug), fact 51.1, forecast 51.0.
• German Manufacturing PMI (Aug), fact 43.5, forecast 43.6.
• Eurozone Manufacturing Business Activity Index (PMI) (Aug), fact 47.0, forecast 47.0.
• U.K. Manufacturing PMI (Aug), fact 47.4, forecast 48.4.

Business activity in the manufacturing sector in Europe turned out to be more restrained positive due to the eurozone countries. Of particular concern were the data on business activity in the manufacturing sector (PMI) of the UK, which fell to the level of November 2012, reinforcing fears of a slowdown in the UK economy and fears of the consequences of Brexit.

Fig. 1. U.K. Manufacturing PMI

The British pound has accelerated decline across the market due to rising fears of a slowdown in the UK. The GBP/USD pair fell to the lows of the last two weeks, in fact, limited by oversold and support levels: 1.2080 and 1.2050, indicating the resumption of a downtrend.

Fig. 2. GBP/USD chart. Current price – 1.2090

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Hanzenko Anton

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