UK pound is struggling today as a new week and a new month get underway. It’s expected to be a data-heavy week, and sterling is expected to be impacted. Right now, the UK pound is lower against its major counterparts.
Sterling is starting out the week lower, losing ground to its major counterparts. Concerns that the British economic recovery is flagging are weighing on the UK pound. Against the US dollar, there is speculation that the data in the United States will be so much better as to give the greenback a solid edge against the pound.
In the pound’s favor, however, is the fact that the latest Manufacturing PMI data indicates improvement. PMI saw an increase to 54.1 in February, representing a seven-month high. This was better than expected, and many hope that this will lead to better economic expansion going forward. Many Forex traders are hoping that the next Bank of England meeting will offer something to indicate that rates might be rising soon. For now, though, sterling continues to struggle.
At 12:48 GMT GBP/USD is lower, dropping to 1.5392 from the open at 1.5426. EUR/GBP is higher, moving up to 0.7293 from the open at 0.7245. GBP/JPY is down as well, falling to 184.3040 from the open at 184.7450.
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