Pound Sterling outperforms its major peers on robust expansion in flash UK PMI
The Pound Sterling (GBP) jumps to near 1.3130 against the US Dollar (USD) in Thursday’s London session. The GBP/USD pair extends its winning streak to a sixth trading session on Thursday as the flash United Kingdom (UK) August S&P Global/CIPS Purchasing Managers’ Index (PMI) report showed that overall economic activities expanded at a faster-than-expected pace. The Composite PMI came in higher at 53.4 than expectations of 52.9 and the prior release of 52.8 on a robust expansion in activities in manufacturing as well as the service sector.
Commenting on the flash PMI data, Chris Williamson, Chief Business Economist at S&P Global Market Intelligence said, "August is witnessing a welcome combination of stronger economic growth, improved job creation and lower inflation, according to provisional PMI survey data." Williamson added, "Both manufacturing and service sectors are reporting solid output growth and increased job gains as business confidence remains elevated by historical standards." Read more...
GBP/USD Forecast: Upbeat PMI data support Pound Sterling despite overbought conditions
After closing the fifth consecutive trading day in positive territory, GBP/USD continued to edge higher on Thursday and touched its strongest level since July 2023 near 1.3130. Although the pair's technical outlook continues to highlight overbought conditions, upbeat PMI data from the UK seems to be helping Pound Sterling hold its ground.
S&P Global/CIPS Composite PMI improved to 53.4 in August's flash estimate from 51.9 in July, highlighting an ongoing expansion in the private sector's business activity at an accelerating pace. Read more...
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