Intra-Day Market Moving News and Views - GBP/USD

AceTrader Team AceTrader

Intra-Day Market Moving News and Views
03 Jul 2017 09:10GMT

GBP/USD - 1.2976.. Cable falls on downbeat UK data. Reuters just reported British factories grew more slowly than expected in June as export orders rose at the weakest pace in five months, according to a survey on Monday that could make Bank of England officials think twice about raising interest rates.

The Markit/CIPS UK Manufacturing Purchasing Managers' Index (PMI) fell to 54.3 from a downwardly revised 56.3 in May, a three-month low and below all forecasts in a Reuters poll of economists that pointed to a reading of 56.5.

Britain's economy barely grew in the first three months of the year, with consumers facing the double hit of accelerating inflation, caused in large part by the fall in the pound since the Brexit vote, and slowing wage growth.

Monday's survey suggested that the supposed silver lining of a weak currency - more competitive exports - is proving elusive.

Economic data to be released :
France manufacturing PMI, Germany manufacturing PMI, EU manufacturing PMI, unemployment rate, UK manufacturing PMI, U.S. construction spending and ISM manufacturing PMI on Monday.

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