Weaker manufacturing PMI in UK fails to depress sterling

Posted 01 February, 2018

The sterling has kept strengthening against the US dollar on Thursday, though UK's manufacturing PMI was the worst over the past 7 months in January.  

Today the sterling-to-US dollar exchange rate was recorded at 1.424, with the session's top seen at 1.4274; the rate to the euro improved to some 0.8735.

According to the Markit report, UK's manufacturing PMI fell to 55.3 in January (56.2 in December), while the forecast had been voiced at 56.5. As a result, the business activity got slower in the country, though remained above multiyear average. The weaker performance was caused by a slowdown in product output and number of new orders. At the same time, prices for construction materials soared driving purchasing and selling prices up.  

The sterling maintained grounds thanks to steadily slack US dollar and an optimistic forecast for UK economy as well as perspective favorable conditions for the Brexit. 

GBP to EUR slightly rebounded to 0.8735. The manufacturing PMI in the euro-area remained high at 59.6 (60.6 in December).

The euro posted gains vs the US dollar reaching 1.2446. For reference, the last-week peak was recorded at 1.2537. The American currency weakened against the main currencies. The US Dollar index went down to 88.82, though is yet to touch the bottom at 88.25 observed a week ago.

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01 February, 2018 15:28

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