Published: 23/08/2024 By ECAP
The British Pound is trending broadly higher following yesterday’s better than forecast set of preliminary PMIs in the UK. In fact, S&P Global reported in its latest release that the UK manufacturing sector expanded at its fastest pace in two years, with the index rising to 52.5 in August’s estimates, surpassing market projections of 52.1.The Euro was largely subdued yesterday despite news of better than expected services growth across the Eurozone. In fact, the release of the bloc’s latest PMIs revealed a larger than forecast acceleration within the vital services sector, as the index rose to 53.3 in August’s preliminary estimates, notably surpassing market expectations of a second successive reading of 51.9.
The U.S. Dollar rose from seven-month lows amid some bargain buying, although investors remained largely biased against the greenback on expectations of interest rate cuts. Focus is now on today’s address by Fed Chair Jerome Powell at the Jackson Hole Symposium, for more cues on the economy.
Data supplied by GC Partners