Following a Sterling rally last week, particularly against the USD, the Pound has dropped back off following Monday’s dismal UK manufacturing PMI data.
Manufacturing activity in the UK came in considerably worse than expectation with June’s figure at 54.3 as compared to a previous figure of 56.3.
This figure, showing expansion, demonstrates that the manufacturing sector was largely unaffected by the uncertainty surrounding the UK General Election and the start of the Brexit process. However, crucially, the rate of expansion slowed again which remains a cause for concern in the long term.
To further compound this point construction PMI released today stalled in June and also missed expectations. This reflects weaker rises in commercial building and civil engineering projects.
Milan, Italy The City of Milan has a late night noise problem and so it has acted unilaterally to resolve it-Italian style. A ban on the sale of take away food including ice cream and pizza after midnight is being imposed to protect the “peace and health of residents.” Here in the UK late night […]
British Pound Reports that the UK may cut its interest rates before the USA cut their interest rates were the final straw this past week for Sterling. A slew of less than helpful inflation, employment and finally retail sales saw GBP weaker , but then the suggestion that with the background of that less than […]
US Dollar Surging on a strong US economy together with further geopolitical tensions in the past week, USD is at its strongest versus EUR this year and came within a whisker of breaking through 1.06 in yesterday’s trading. Against the Japanese Yen USD was 154.55 which caused Japanese Finance Minister Shunichi Suzuki to break cover […]