Weaker UK PMI figures add to sterling’s woes

Sterling exchange rates have come under pressure again this morning following weaker than forecast UK Purchasing Managers Index (PMI) data released at 09:30 this morning.  Figures were forecast to come in at 53.5 but were weaker posting levels of 52.8.

This weaker showing follows the recent trend of poor UK data, and comes less than a week after Friday’s poor growth figures. Since last weeks high of 1.1520 (GBP/EUR) and 1.40 (GBP/USD) sterling has fallen 1.5% and 2.8% respectively and is starting to slide further this morning.

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