Pound Sterling – UK Markets The Pound edged lower against most of its major peers this morning and is trading below the 1.62 mark against the US Dollar after data just released indicated that manufacturing activity in the nation unexpectedly weakened for September, thus knocking expectations of a steady recovery in the sector. However, market attention has now shifted to construction and the all-important services sector reports scheduled later this week for further insights into the nation’s recovery during the third quarter. Additionally, investors in the Pound-US Dollar pair will keep a close watch on today’s string of crucial economic data in the US for further direction to risk appetite.In yesterday’s trading session, Sterling nudged lower against the US Dollar after data indicated that current account deficit in the UK widened unexpectedly for the second quarter. With growth in Euro zone, its largest trading partner, still weak, it remains to be seen if the current account balance shows signs of improvement in the coming months. At the same time, another report confirmed that the nation’s economic growth remained on track for the second quarter.
Posted on: Wed, 01 Oct 2014 10:04:30 +0000
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