Following a strong run over the past week, sterling struggled yesterday with growth in the UK manufacturing industry through March, reporting levels lower than expected. A decrease in new export orders resulted in the manufacturing purchasing managers’ index (PMI) dropping to 55.3 in March, weakening sterling against other major currencies. The UK’s poor PMI data highlights Bank of England (BoE) Governor Mark Carney’s recent comments that overseas sales need to improve in order for the economic recovery in the UK to be sustainable.
Today sees the release of PMI figures from the construction industry which, although important, have the least impact on overall economic growth of the three sectors surveyed.
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