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Pound Finds Relief in Strong Performance of Manufacturing Sector

20-pound banknotesThe Great Britain pound reversed earlier losses today thanks to the favorable Manufacturing report that showed very strong performance of the sector. The currency was still under pressure from Brexit fears.

The seasonally adjusted IHS Markit/CIPS Manufacturing Purchasing Managers’ Index climbed from 55.3 in July to 56.9 in August. That was the second highest level in almost three years.

Yet the sterling remained under pressure as this week’s negotiations between the European Union and the United Kingdom regarding Britain’s divorce with the EU showed no signs of the parties being closer to compromise. Brexit concerns made last week’s performance of the pound the worst since October.

GBP/USD was down from 1.2929 to 1.2900 intraday but bounced to 1.2943 as of 12:19 GMT today. GBP/JPY was at about 142.51 after opening at 142.15 and falling to the daily low of 141.89.


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Post tags: Brexit, GBP/JPY, GBP/USD, Manufacturing, Markit/CIPS, PMI, Pound, United Kingdom

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Pound Finds Relief in Strong Performance of Manufacturing Sector

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