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GBP: sterling hits a three-week low against the US dollar and slides against euro

By Michael Cooper October 3rd, 2017

The Conservative Party conference got underway in Manchester yesterday and coincided with a sharp fall in the pound against the US dollar and euro. The slide saw it hit a three-week low against the greenback and it lost 0.5% against the single currency.

One of the key announcements at the conference was Chancellor of the Exchequer, Philip Hammond’s extension of the Help to Buy scheme in which the government will provide an extra £10 billion. The scheme involves getting a loan from the government to assist in the purchase of a newly built house.

Later, the UK’s factory purchasing managers’ index report showed that factory growth slowed in September to 55.9 from 56.7 in August. Although this came below expectations, it is worth noting that any figure over 50 indicates growth, making this the 14 month of growth on the trot.

Later today we have the construction PMI figure and tomorrow the services PMI. Friday sees the release of the Halifax house price index.

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