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Pound Sterling fell against the majority of 16 most actively traded currencies
Published: 3 Oct at 10 AM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Euro Crisis, UK, Economy,
The pound fell against the majority of the 16 most actively traded currencies yesterday after worse than expected UK construction sector data.
The Markit/CIPS construction purchasing managers’ index (PMI) fell from a 59.1 level registered in August to 58.9 in September. The August data represented a six-year high. The September data missed the forecast of 59.2 but is still above the 50 level which signals expansion.
The euro had a better day, reaching a 8 month high against the dollar as investors remain nervous about how long the US government shutdown, now into its third day will last as well as further wrangling over the US debt ceiling with the 17 October deadline fast approaching.
The euro received support from European Central Bank (ECB) President Mario Draghi who reiterated that the central bank was poised to take action if necessary to aid the region's recovery.
The ECB also decided to keep its benchmark interest rate unchanged at 0.5% as it waits for further signs of recovery in the euro zone.
In addition, a political crisis brewing in the third largest economy, Italy seems to have been averted after coalition Prime Minister Enrico Letta survived a confidence motion in Parliament moments after Silvio Berlusconi was forced to change his mind about bringing down the coalition. According to an Italian news agency, 235 senators gave their support for Letta while only 70 were opposed and a further 6 did not participate in the vote.
The Markit/CIPS construction purchasing managers’ index (PMI) fell from a 59.1 level registered in August to 58.9 in September. The August data represented a six-year high. The September data missed the forecast of 59.2 but is still above the 50 level which signals expansion.
The euro had a better day, reaching a 8 month high against the dollar as investors remain nervous about how long the US government shutdown, now into its third day will last as well as further wrangling over the US debt ceiling with the 17 October deadline fast approaching.
The euro received support from European Central Bank (ECB) President Mario Draghi who reiterated that the central bank was poised to take action if necessary to aid the region's recovery.
The ECB also decided to keep its benchmark interest rate unchanged at 0.5% as it waits for further signs of recovery in the euro zone.
In addition, a political crisis brewing in the third largest economy, Italy seems to have been averted after coalition Prime Minister Enrico Letta survived a confidence motion in Parliament moments after Silvio Berlusconi was forced to change his mind about bringing down the coalition. According to an Italian news agency, 235 senators gave their support for Letta while only 70 were opposed and a further 6 did not participate in the vote.
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Source: moneytransfer.co.uk