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Britain’s Sterling Falls Following Decline of Manufacturing Index

February 1, 2019 at 11:46 by Vladimir Vyun

A column of 20 Great Britain pound notesThe Great Britain pound traded widely lower today after the UK manufacturing index touched the lowest level in three months.

The IHS Markit/CIPS UK manufacturing PMI dropped to 52.8 in January from 54.2 in December, touching the lowest level in three months. Analysts had predicted a higher reading of 53.5. Rob Dobson, Director at IHS Markit, which compiles the survey, commented on the result:

The start of 2019 saw UK manufacturers continue their preparations for Brexit.

He added:

Despite the temporary boost provided by clients’ prepurchases and efforts to build-up stocks, the underlying trends in output and new orders remained lacklustre at best.

GBP/USD dropped from 1.3106 to 1.3068 as of 11:33 GMT today, and its session low was at 1.3043. EUR/GBP jumped from 0.8730 to 0.8780, touching the high of 0.8793 intraday.

If you have any questions, comments, or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

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