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Forex Flash: Sterling remains well supported against the dollar - Investec

FXstreet.com (Barcelona) - Investec treasury analysts note that Sterling remains well supported against the dollar, opening above 1.5500 this morning as the USD continues its retreat, with yesterday’s very disappointing Chicago PMI reading, 49.0 versus 52.5 expected, adding to the recent run of negative US data.

They add that this morning’s slightly disappointing Nationwide house price survey failed to dent Sterling sentiment even though April’s index dipped by 0.1% during the month against consensus estimates of a 0.3% increase. Further, the level of house prices according to the Nationwide now stands 0.9% higher than a year ago and whilst April’s index was the first monthly decline in the series since September, it is too early to say that the gentle upward trend in house prices has been broken. Later this morning they note manufacturing PMI which will be of interest, and write, “the market is broadly expecting a slight improvement in the survey although it’s not expected to breach the 50 mark which signifies expansionary territory.”

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