GBP remain strong despite poor UK export data
A fall in exports was blamed for a greater than expected decline in the UK PMI manufacturing index yesterday, with its slowest growth this year. The poor in export figures reflect weaker demand from Europe, East Asia and the US, suggesting a fairly broad slowdown thus conditions could get tougher in the coming months for UK producers.
The recent strength of GBP could be threatened, it has owed a lot to the fact that various business surveys have pointed to a more resilient economy than the official GDP statistics but obviously the export figures contradict that.
In stark contrast to the UK, US manufacturing data was very positive. This suggests that US manufacturers will out-perform their European counterparts and will be a boost for the global economy into the summer.
Whilst the EUR remain ‘on the ropes’ USD strengthen against GBP and EUR.
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