Published: 03/09/2024 By ECAP
The British Pound held on to marginal gains during yesterday’s trading session following the release of the UK’s finalised manufacturing PMI data for August. The latest index confirmed that the sector remained in the expansion zone (a score above 50), and printed in line with market expectations at 52.5, coming in at just over a two-year high.The Euro was relatively flat yesterday as Eurozone manufacturing activity remained in contraction territory in August, with the final eurozone manufacturing PMI coming in at 45.8 in August, firmly below the 50 mark separating growth from contraction. Looking ahead, the Eurozone’s latest GDP will likely be the focus for EUR investors this week. Confirmation of 0.3% growth in the second quarter could lend EUR support towards the end of the week.
The U.S. Dollar saw a modest decline but stayed close to its nearly two-week high, with investor attention turning to the forthcoming U.S. jobs report expected at the week's end. The report, set to be released on Friday, is anticipated to play a crucial role in shaping the Federal Reserve's monetary policy, especially after Fed Chair Jerome Powell signalled a shift from focusing on inflation to preventing job losses.
Data supplied by GC Partners