A minor downtick in Britain’s manufacturing purchasing managers index (PMI) helped drag the British pound (GBP) slightly lower in today’s European trading sessions. Though the UK’s housing sector was seen rising last week, a dip in manufacturing appears to be tearing into recent upswings in optimism.
Mixed growth in several sectors has had traders on edge these past few weeks. Such reports out of the vital manufacturing sector give cause for concern as Britain struggles with regional debt woes and its own structural deficits. Risk appetite may be switched on this week, however, considering the recent passage of a debt ceiling increase in the United States. Should sentiment shift in favor of regional currencies, the GBP may find itself gaining throughout the week.
Read more forex trading news on our forex blog.
