Research Team at TDS, notes that the manufacturing PMI data from the Europe and UK painted mixed picture of the region. Key Quotes GBP: February’s manufacturing PMI fell more than expected to 50.8, against market and our expectations of a slight half-point decline. This marks the lowest reading in the series since early 2013. The move lower was driven by a sharp pullback in output growth, and stagnant new business (both domestic and new orders), and the employment index was below 50 for the second straight month. Markit noted that the survey was conducted before the Brexit referendum was announced, and thus before the sharp depreciation in GBP seen in the last 10 days. . SEK: The Swedish PMI showed a surprising drop in February, falling nearly 5 points on the month to 51.7. About half the decline was attributable to the new orders components, which fell from 56.6 to 48.1, its first month below 50 since 2013. Planned production also fell notably, from an extremely high 62.2 to a more modest reading of 56.8. The production and employment indexes both decelerated somewhat, though they still remain firmly in expansion territory as well. NOK: The manufacturing PMI for February entrenched itself in sub-50 contractionary territory, with a decline from 49.2 to 48.4, though leaving it slightly better than markets had expected. Mirroring the disappointing Swedish data, new orders fell relatively sharply in the month, from 52.3 to 48.1, and employment was down slightly. Production increased to 50.8 in February, improving on January’s 50.0 reading. EUR: Final readings of February’s manufacturing PMIs showed upward revisions for Germany (from 50.2 to 50.5) and the euro area (51.0 to 51.2), while France was revised down (from 50.3 to 50.2). Our risks materialized as the unemployment rate for January was 10.3%, a tick better than markets expected.” For more information, read our latest forex news.