Pound Sterling falls back as UK PMI fails to meet estimates
The Pound Sterling (GBP) falls on Monday, driven by weaker-than-expected preliminary United Kingdom (UK) S&P Global Purchasing Managers’ Index (PMI) data for September and dismal market sentiment. The British currency underperforms against its major peers, except for the Euro (EUR), which has also been weighed down by the unexpected decline into contraction territory of the Eurozone PMI.
The UK Composite PMI came in at 52.9, down from 53.8 in August, suggesting that economic activity in the UK expanded at a slower pace. The indexes for both the manufacturing and the service sectors declined more than expected. Read more...
GBP/USD Weekly Forecast: Pound Sterling stays hopeful, eyeing PMIs, Powell and PCE
The Pound Sterling (GBP) extended its hold against the US Dollar (USD) after the previous week’s resurgence, as the GBP/USD pair tapped the highest level since March 2022 above 1.3300.
The bullish potential remained intact for the GBP/USD pair, as the Pound Sterling capitalized on the monetary policy divergence between the Bank of England (BoE) and the US Federal Reserve (Fed), underscored in the central banks’ bonanza week. Read more...
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