1 April 2014 ~ Manufacturing PMIs, But No Shocks Today

Today was significant for three reasons, in my eyes. Two pieces of big scheduled economic data releases, and thirdly, the fact this was the first day of the new month (and quarter, incidentally).
Analysis has shown there is a tendency in the US equity markets to rally, as supposed inflows of fresh Fund money must be deployed across the markets (or that is my understanding at least)

As to the data…

* In the morning, 09:30 UK Time, GBP Manufacturing PMI came at a slightly disappointing 55.3 (as against 56.7 consensus).
The jerk downwards in 6B was no surprise and nor was the speed of the move. Unless you own a supercomputer this was hardly a free money trade.

* And again at 15:00 UK Time the story was repeated, with US ISM Manufacturing PMI registering 53.7 as against 54.2 expected. The markets seem to be very much driven by the central banks and ES initially continued to grind higher as it had been doing so since lunch time. Quite uneventful.

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