UK manufacturing activity shrinks again

Published on in Foreign Exchange News by

Sterling fell to a one-week low against the Euro on Monday after data showed UK manufacturing activity shrank more than expected in September.

The PMI Manufacturing Index fell to 48.4 last month, dipping below the 50mark that divides growth from contraction, as exports fell and costs soared. The survey together with data showing the sharpest fall in UK mortgage lending since December 2010, highlighted the risk that the economy may falter again. However the pound remained steady versus the Dollar after a US Manufacturing survey showed the sector grew for the first time since May, which weighed heavy on the safe haven dollar.

Overnight The Reserve Bank of Australia surprised the market by cutting the cash rate. In a statement they flagged “uncertainty about near term Chinese growth”.

The key data highlight this morning will be the release of Construction PMI, which is expected to be in the region of 49.9. Should this be the case, the reading will be slightly above average for the last 3 month’s further indicating the snail like pace of recovery in the UK economy.


Main Currency Pairs * Yesterday Today
GBP/EUR 1.25310 1.25170
GBP/USD 1.61540 1.61640
GBP/CAD 1.58580 1.58670
GBP/NZD 1.94240 1.94580
GBP/AUD 1.55540 1.55720
GBP/AED 5.93090 5.93590
EUR/USD 1.28950 1.29200
GBP/CHF 1.51610 1.51510
GBP/ZAR 13.4233 13.4437
GBP/SEK 10.5881 10.6139
GBP/JPY 125.769 125.792
GBP/PLN 5.14230 5.14310
GBP/SGD 1.98580 1.98260
EUR/PLN 4.10380 4.10570
EUR/CHF 1.20990 1.20950
GBP/MAD 13.9116 13.8920
PLN/EUR 0.24370 0.24360
GBP/CZK 31.5030 31.4168
GBP/DKK 9.34210 9.33910
GBP/HKD 12.5629 12.5078
GBP/HUF 356.983 357.171
GBP/NOK 9.23440 9.24210
GBP/INR 85.6438 84.5384
GBP/THB 49.8853 49.6655

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