GBPUSD Extends Losses on Brexit Uncertainty and Soft Manufacturing PMI

GBPUSD Analysis and News

• UK Manufacturing Falls to 25-Month Low
• GBP Extends Losses on Manufacturing Report, Brexit Uncertainty Also Dominates

UK MANUFACTURING OUTPUT FALLS TO 25-MONTH LOW

UK Manufacturing PMI fell to a 25-month low at 52.8 in August, missing expectations of 53.8. This was coupled with a downward revision to 53.8 from 54. GBP fell to fresh intra-day lows upon the release to 1.2886. IHS Markit stated that weak reading had been influenced by new orders contracting for the first time since April 2016, while business optimism dipped to a 22-month low. On the employment front, job creation slowed to near-stagnation.

BREXIT CONCERNS DOMINATE GBP

The Pound has begun the week on the backfoot as Brexit uncertainty continues to remain rife. Comments made by Barnier over the weekend that he strongly opposes aspects of PM May’s Chequers plan has weighed on GBP. However, despite the scepticism, PM May continues to stand firm her Brexit plan. As the House of Commons returns from the Summer holiday, Brexit is likely to dominate and keep the Pound volatile.

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