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Brexit in focus, UK manufacturing weakens GBP

currency-newsBrexit in focus, UK manufacturing weakens GBP
The pound got off to a poor start to the week, with GBP broadly softening following the release of the UK’s manufacturing PMI. 

The gauge of manufacturing output dropped to a seven-year low in August, with business confidence and new orders plummeting.

According to Rob Dobson, Director at IHS Markit, ‘High levels of economic and political uncertainty alongside ongoing global trade tensions stifled the performance of UK manufacturers in August.’

Concerns for the UK’s economic outlook would increase if this week’s construction and services PMIs also disappoint. 

However, economic news is likely to come second to political developments over the next few days as Parliament reconvenes.

No-deal Brexit fears and intensifying speculation about a UK general election are likely to keep GBP under pressure.

This could prove to be a pivotal week for the government and Brexit, so keep an eye on our daily market updates if you want to stay on top of the latest news.
Philip McHugh

Philip McHugh

Joining the corporate trading desk in 2007, Phil now over sees all of Currencies Direct’s corporate dealing activity. Having gained experience working with hundreds of businesses to optimise international payments processes and execute comprehensive risk management strategies, Phil currently works with a portfolio of corporate clients whilst managing Currencies Direct’s overall market exposure

Phil has FCA approval and has completed the Certificate in International Treasury Management (CertiTM)

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