020 7898 0500Yesterday saw a reversal of sterling’s recent fortunes as the Purchasing Managers Index (PMI) from the services sector failed to complete the perfect hat trick set up by the construction and manufacturing sectors. Whilst the construction and manufacturing sectors both beat market estimates, the services sector fell short of analysts’ estimates (although still showing solid industry expansion) triggering sterling to fall against the majority of its most traded counterparts, no doubt thanks to services contributing the vast majority of UK output. Caution ahead of today’s bigger risk events also played a part in these movements, as investors looked ahead to the Autumn Forecast Statement and the monthly monetary policy and bank rate decisions. Whilst no change in monetary policy is expected, any comments from the central bank could cause volatility in the market if it contains clues to future policy changes. Call your trader now for the latest sterling rates, with plenty due to look forward to.
