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Sterling, Euro power up on positive data.

News Date: 2/11/2015 08:52:18
Update Date: 3/11/2015 00:44:43
 

 European shares were up as positive data from Germany and UK took over investor's fears of weak China growth. The pan-European FTSEurofirst 300 index rose 0.24%. Germany's final manufacturing PMI came at 52.1, better than 51.6 forecast, which pushed DAX index to a ten-week high at 10,938, gaining 0.81%. France's CAC 40 rose 0.43% to 4,918. Britain's manufacturing PMI rose to a 16-month high at 55.5, smashing forecasts of 51.3. FTSE index fell however, pulled down by mineral companies; it last traded at 6,343, down 0.28%.

 

Sterling rallied after the positive data, gaining 0.28% against the dollar to 1.5466, before stopping against a resistance range. It rose to a near ten-week high against Euro at 0.7106 before retreating to 0.7134.

 

Euro was ahead after the German data, rising 0.29% against dollar to 1.1034. It was slightly up against Yen at 133.

 

Crude oil prices were hammered after the bad China data, with Brent futures for December losing 59 cents, or 1.17% to $49 a barrel. U.S. crude futures fell 60 cents, or 1.30% to $45.98 a barrel.

 

The drop in oil prices pulled Canadian dollar down, it lost 0.18% for the day, trading at C$1.3101. Australian dollar was slightly up however, trading at $0.7141.

 

Gold futures fell 4 dollars, or 0.40% to $1,136 an ounce, as traders fear a demand drop from China. Silver futures fell 17 cents, or 1.14% to $15.38 an ounce.

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