020 7898 0500Data releases from the UK were thin on the ground yesterday, however, this did not stop sterling from appreciating across the board in the first half of the day. Come the end of the day though most of these gains had been given back and sterling was close to where it started the day.
The main release was the Manufacturing Purchasing Managers Index (PMI) which saw the fastest growth in 16 months, as new orders and growth rates improved for October. This was a surprise as a slight fall had been forecast which is good news for the pound, as it indicates a potential revival in overseas exports, easing fears over a global slowdown, as well as increasing the chances of future interest rate hikes. Today, further PMI for the Construction industry will be released followed on Wednesday by the PMI for the key Services industry
If you are looking to buy or sell sterling, we suggest you contact your trader now to ensure you are up to date with sterling’s latest position and what this means for your international currency transfers.
