The Pound struggled yesterday morning after a survey revealed British manufacturers had their weakest month in over two years. Export orders suffered a rare decline in August, a warning that a world economic slowdown, as well as the approach of Brexit, is weighing on the country’s factories.
The Manufacturing Purchasing Managers’ Index (PMI) fell to 52.8, its lowest level since July 2016, immediately after the Brexit vote. Economists said that the prospect of leaving the European Union in March next year without any trade agreement appeared to be weighing on sentiment. The lack of clarity over the terms of Britain’s departure from the European Union in less than seven months’ time helped push business confidence to a 22-month low.
09.30 – GBP: Construction PMI; Forecast at 55.0 against previous of 55.8
12.15 – GBP: Inflation Report Hearing