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Sterling hits 9 month high Vs East Caribbean Dollar

The prospect of the UK entering into further quantitative easing was dampened yesterday following an unexpected rise in the UK PMI index which rose to 53.2 last month from 52.8 in September. Following this positive UK data Sterling reached its highest position against the greenback since January reaching .6147. The Pound was up 0.5% after the release against the East Caribbean Dollar and also made gains against the Euro reaching a high of the day of €1.1495 - recovering from the previous losses made by disappointing growth in Britain’s construction sector data released on Tuesday.

The surprising improvement in the PMI data could dampen the BoE monetary policy committees cause for the UK to enter into a second round of quantitative easing. "I think QE is off the table until next year," said Michael Hewson, market analyst at CMC. "There was a sell-off after disappointing construction PMI but sterling is very susceptible to data news because of the bipolarity of the Bank of England monetary committee."

With no significant data released in the Euro zone yesterday EUR/USD reached a high of the day of 1.40585 having made previous gains on general US dollar weakness. With yesterday’s news about further stimulus (QE2) in the U.S of approximately 0billion over the next 6 months it is thought that this figure may have already been priced in. In the US ADP Employment change for October came in at 43,000 versus the consensus of 20,000. The prior reading in September of a loss of 39,000 was revised to a loss of just 2000, following the release GBP/USD traded at .6101 with the East Caribbean Dollar gaining some ground back against the Pound in the afternoon. This report is considered a good indicator to the initial jobless claims due to be announced today at 13:30pm GMT along with the non-farm payrolls number due out on Friday 5th November.

It was a good day in the US for positive data as the number of orders placed with U.S factories came in higher than forecast in September adding to the evidence that manufacturing in the states continues to lead the recovery in the economy. Orders was up in October 2.1% from the previous figure in September of 1.3%

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