The GBP lost footing against the Aussie Dollar yesterday as the UK’s manufacturing PMI was released. The slight upward revision of the finalised PMI was not enough to prevent the GBP from hitting its second weakest level since 2012. The index came in at 47.5 which was well into contraction territory in December. The confidence in the outlook of the UK economy has remained still as fears of ongoing weakness escalated. Economists are suggesting that investors are worried as the index showed the largest slump since 2012 and shows little signs of immediate recovery. Even with the manufacturing sector only covering a minor percentage of the UK’s economic activity, the weakness will see the GBP sink.


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