Forex

Sterling falls after manufacturing and services data

2020-10-24 01:52:47 GMT (Economies.com)

The British pound fell against the US dollar on Friday, after the release of disappointing services and manufacturing data in the UK.

 

Data showed that the UK's manufacturing PMI fell to 53.3 points in October vs. 54.1 points in September, while analysts forecast 53.2 points.

 

The services PMI fell to 52.3 in October vs. 56.1 points in September, missing forecasts of 53.4.

 

Whilst the UK's retail sales index rose 1.5% last month, beating forecasts of holding unchanged.

 

Many observers believe that the UK is moving toward a no-deal Brexit scenario (no trade deal), amid the lack of any signs of an agreement with the EU.

 

As of 22:00 GMT, GBP/USD fell 0.3% to 1.3042, after hitting a high of 1.3122 and a low of 1.3019.

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