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2 Jan 2015
GBP/USD extends decline below 1.5450
FXStreet (Córdoba) - GBP/USD dropped further and printed a fresh 16-month low at 1.4532. During the last three hours lost almost a hundred pips weakened by economic data from the United Kingdom and as the US dollar climbed across the board.
GBP hit by PMI
The UK PMI Manufacturing index fell from 53.3 to 52.5, reaching a 3-month low; analysts were expecting an increase to 53.6. “This morning’s UK’s data releases show that the long hoped for economic rebalancing story is not playing out as envisaged,” said James Knightley from ING.
Knightley noted that the report suggests that the manufacturing sector’s growth rate will slow further, “with manufacturing continuing to shrink as an overall proportion of the UK economy given the relative strength in the service sector.”
The pound is among the worst performers in the currency market on Friday. GBP/USD currently trades at 1.5436, down 0.92% while EUR/GBP rose back above 0.7800 and GBP/CHF dropped below 1.5400.
GBP hit by PMI
The UK PMI Manufacturing index fell from 53.3 to 52.5, reaching a 3-month low; analysts were expecting an increase to 53.6. “This morning’s UK’s data releases show that the long hoped for economic rebalancing story is not playing out as envisaged,” said James Knightley from ING.
Knightley noted that the report suggests that the manufacturing sector’s growth rate will slow further, “with manufacturing continuing to shrink as an overall proportion of the UK economy given the relative strength in the service sector.”
The pound is among the worst performers in the currency market on Friday. GBP/USD currently trades at 1.5436, down 0.92% while EUR/GBP rose back above 0.7800 and GBP/CHF dropped below 1.5400.