Global Manufacturing Engine Decelerates

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The much awaited European Union summit yesterday provided little in terms of concrete measures to tackle the worsening debt crisis in the Eurozone. However, leaders showed their willingness to keep Greece in the Euro bloc. Meanwhile, manufacturing PMI data released earlier today, across Europe and China, have been weak and weighed on high yield currencies. In the UK, data just released has confirmed recession in Britain, with sequential contraction downwardly revised to 0.3% and has raised the probability of additional QE. Across the Atlantic, durable goods orders and weekly jobless claims will garner some market interest.

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Global Manufacturing Engine Decelerates

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