020 7898 0500Sterling struggled on Tuesday, losing ground against the euro, the US dollar and other key currencies, thanks to UK manufacturing industry data contracting for the first time since April 2013. Sterling had pushed higher against the US dollar on Bank holiday Monday, rising to the highest level since the beginning of 2016 as investors looked to tone down their concerns over a UK exit from the EU. However, sentiment quickly turned against sterling following the release of the poor manufacturing purchasing managers’ index (PMI) data.
Further PMI data from the construction industry today could see sterling suffer should this show a similar contraction within the construction sector. And tomorrow we have the release of key data from the UK services sector, the mainstay of the UK economy, which could herald more bad news for sterling as it seems British industry is “holding back” pre the 23rd June vote.
If you are looking to buy or sell sterling, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.
