Weak PMI Figures Halt GBP Strength
Yesterday saw Janet Yellen sworn in as the chairman of the Federal Reserve’s Board of Governors in Washington. Her term will last until February 2018. She is scheduled next week to report on monetary policy in semi-annual testimony before the House and Senate.
In Australia, the RBA kept interest rates on hold and by hinting at less concern over currency strength and more over stability of interest rates, we saw AUD strengthen against GBP.
We saw GBP weaken against the Euro yesterday courtesy of the unexpectedly strong PMI from the Eurozone, coupled with unexpectedly weak PMI from the UK. Today, we await the Construction PMI from the UK to see if the Pound can regain some of its lost ground.