Pound Sterling Price News and Forecast: GBP underperforms despite upbeat UK flash PMI report

British Pound underperforms despite upbeat UK flash PMI report

The British Pound (GBP) is down against its major currency peers on Friday, trading 0.1% lower at around 1.3380 against the US Dollar (USD) during the European trade. The British currency faces pressure even as United Kingdom (UK) flash S&P Global Purchasing Managers’ Index (PMI) data for October has come in surprisingly stronger.

The PMI report showed that the overall business activity remained robust due to a significant growth in both manufacturing and the service sector output. The Composite PMI arrives at 53.1, significantly higher than final reading of 52.0 in September. The data was expected to come in lower at 51.8. Read more...

British Pound attracts bids despite soft UK Retail Sales data

The British Pound (GBP) rises to near 210.20 against the Japanese Yen (JPY) after the release of the United Kingdom (UK) Retail Sales data for September.

The Office for National Statistics (ONS) has reported that Retail Sales, a key measure of consumer spending, declined at a faster pace of 0.4% Month-on-Month (MoM) against estimates of 0.1%. In August, the consumer spending measure grew 0.7%, revised higher from 0.5%. Read more...

British Pound steadies near one-month highs despite downbeat UK Retail Sales data

The British Pound (GBP) is trading practically flat against the US Dollar (USD) on Friday, hardly affected by the weak retail consumption data released earlier in the day. The GBP/USD pair flatlines near 1.3390, just below the monthly high at 1.3419 hit on Thursday, supported by market expectations of an immediate interest rate hike by the Bank of England.

UK Retail Sales dropped 0.4% in September, according to data released by the UK Office for National Statistics, largely exceeding the 0.1% decline expected by the market, while August’s data was revised to a 0.7% growth from the 0.5% increase previously estimated. Read more...