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Mixed PMI data from UK- FTSE 100 holding 7,800

The latest PMI data from the UK has just been released. The flash March readings on Services and Manufacturing were mixed, with services missing on forecasts, whilst manufacturing actually beat for a change. Services came out at 53.4 versus 53.8 and Manufacturing rose to 49.9 from 47.5. That is quite an encouraging number and only just shy of expansionary territory and that is sure a positive take-away from this data. The Pound has not risen much on this news though and neither has the FTSE 100. It is still tracking a little lower. The index effectively reopened today above 7,800, if you forget the usual book entry there. The index has reached a high so far today at 7,839, but it has backed off from that high now as it flirts with the 7,800 handle to the downside. This data has not impacted that price action much at all either. The FTSE 100 is tracking lower because the heat is coming out the record opening for the DAX today. The German index is trying to fill the yawning gap to 18,044, when it reopened today at a record levels. The FTSE 100 is currently trading at 7,806

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