Here’s what happened to the GBP:
- On Thursday, The Markit Purchasing Managers’ Index for the manufacturing sector came in at a higher than expected 53.3, while on Friday, the PMI for the construction industry additionally showed an increase to the previous month. Overall UK consumer confidence has actually additionally shown an increase.
- Following the release of Thursday’s manufacturing PMI the pound increased by 1.1% versus the US dollar, to 1.32737 and versus the euro, it increased by 0.7%.
- On a weekly basis, the GBP/USD increased by 1.3% & the EUR/GBP decreased by 1.7%.
- So although this week, the pound has actually proven resilient since the Brexit vote, it has actually dropped in value by more than 10% versus both currencies since the referendum.
Across the Atlantic the US dollar has actually additionally been feeling the pinch: