Posts Tagged ‘uk pmi’

Sluggish Days for the Pound?

The British pound has seen modest gains over the past few trading sessions and is now slightly above the 1.51 figure in relation to the United States dollar. However, this is now without mixed results.

Recent bank stress tests pointed out that all but two institutions (Standard Chartered and RBS) have passed scrutiny and did not exhibit any symptoms of capital shortfalls. This was unfortunately offset by surprisingly sluggish PMI data.
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The pound seems to be on a free-fall, having fallen by more than 7 per cent against the dollar, in the last two months.

Yesterday, the pound fell by about two cents in forex trading, or 100 points, to touch $1.4993, before rebounding to $1.5019, in later trade.

This is the first instance, in two and a half years, of the sterling trading below the symbolic $1.50 mark.
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