Soft economic data continues to pull the UK pound down in Forex trading on the currency market. The latest PMI data is disappointing, and that is bringing the sterling down against its major counterparts on the currency market.
The latest data release for the United Kingdom is disappointing analysts and Forex traders today. Markit and CIPS Manufacturing PMI for March came it at 51, instead of the expected 51.2. This marks another month of decline in PMI for the UK economy. Anything below a 50.0 indicates contraction, and there are concerns that UK Manufacturing PMI could be headed that direction.
Sterling has been a little choppy this week, with some surprising gains against the US dollar earlier. However, by now the UK pound is mostly lower in Forex trading, weighed down by economic data and concerns about the possibility of a wider global economic slowdown. Also causing problems for the sterling is the struggle of stocks.
Continue uncertainty over a potential exit from the European Union isn’t helping the UK pound either.
At 14:10 GMT GBP/USD is lower, dropping down to 1.4212 from the open at 1.4360. EUR/GBP is higher, moving up to 0.8007 from the open at 0.7925. GBP/JPY is also heading lower, dropping down to 159.2490 from the open at 161.6540.
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