Currency Note Sterling

Sterling still on a downward slope

By Ricky Bean October 2nd, 2015

The trend is still downwards for sterling against the euro and the US dollar and during the course of the week we did see sterling fall to five-month lows against both the euro and US dollar. UK economic data is “okay” – yesterday’s manufacturing Purchasing Managers’ Index (PMI) was 51.5 which compared favourably to the projected 51.3 – but hardly a catalyst for sterling to suddenly strengthen.

With little UK data, other than the PMI for the construction sector forecast to improve slightly to 57.5 from 57.3 last month, to help sterling revive its fortunes today, all eyes are still on today’s influential US non-farm payroll figure. If market projections are accurate we could consequently see sterling fall further against the US dollar for a tenth straight trading day.