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Pound dented by underwhelming UK growth data

currency-newsPound dented by underwhelming UK growth data
While consumer spending strengthened in the second quarter this was not enough to balance out the last decline in UK business investment, leaving the pound on a weaker footing.

Investors were not impressed by the latest signs of easing domestic growth, given the high level of uncertainty that still surrounds the outcome of Brexit negotiations.

However, the mood towards the pound picked up somewhat on Monday morning thanks to a better-than-expected manufacturing PMI.

As the manufacturing sector demonstrated solid expansion on the month in September this offered some encouragement to GBP exchange rates.

Even so, unless the corresponding services PMI also prints positively the pound remains vulnerable to selling pressure.

Any evidence that the service sector is coming under increased pressure may drive the pound lower against its rivals, diminishing the odds of a stronger third quarter GDP.

Focus will also fall on the Conservative Party conference as investors continue to weigh up the odds of a hard Brexit.
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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