Currency Note Sterling

Key PMI data out from UK today

By Ricky Bean March 2nd, 2016

Sterling strengthened for a second successive day against both the euro and US dollar, even though February saw the slowest rate of growth in the manufacturing industry since 2013.

The disappointing growth data did see sterling slip first thing but as the day wore on sterling bounced back. The pounds recovery seemed to be centred on the belief that the result of a UK exit from the EU would not be as catastrophic as many pundits have suggested. Sterling even hit a fresh one-week high against the euro.

Today sees the release of Purchasing Managers’ Index (PMI) data from the construction industry. Following the immediate downturn for the pound in the wake of yesterday’s manufacturing PMI, investors will be keenly awaiting today’s release.