GBP/USD softens to near 1.3500 on weaker UK PMI data
The GBP/USD pair loses ground to near 1.3510 during the early European session on Wednesday. The Pound Sterling (GBP) weakens against the US Dollar (USD) on downbeat UK S&P Global Purchasing Managers’ Index (PMI) data for September. The Bank of England (BoE) External Member Megan Greece is set to speak later on Wednesday.
Economic activity in the UK’s private sector expanded at a softer pace in September than in August, with the S&P Global Composite PMI declining to 51 from 53.5. This figure came in worse than the estimations of 52.7. Additionally, the Manufacturing PMI eased to 46.2 in September from the previous reading of 47.0, while the Services PMI fell to 51.9 during the same period from 54.2. Read more…
GBP/USD extends rebound despite miss in UK PMIs
GBP/USD extended into a second day of thin gains on Tuesday, rising from a messy technical bounce off the 50-day Exponential Moving Average (EMA) near 1.3500. UK Purchasing Managers Index (PMI) figures came in broadly lower than expected, but the Pound Sterling (GBP) still found gains after the US Dollar weakened across the board.
UK PMIs weakened much faster than expected in September, while US PMI figures for the same period also weakened, but stuck close to forecasts. General market sentiment remained on the high side, albeit shakily, and the UK side of the economic data docket is functionally wrapped up for the rest of the week. Read more…
GBP/USD steady at 1.3518 as PMIs signal slowdown, Powell speech eyed
The Pound Sterling (GBP) remains steady during the North American session on Tuesday after business activity on both sides of the Atlantic slows down in September, according to Flash Purchasing Managers Indices (PMI) reports in the UK and the US. GBP/USD trades at 1.3518, virtually unchanged.
The US Dollar (USD) seems to have found its feet as the US Dollar Index (DXY), which measures the buck’s value against a basket of six peers, is up 0.08% at 97.38. US Manufacturing PMI dipped to 52 from 53 in August. At the same time, the Services index fell from 54.5 to 53.9 in September. Read more…
