Improved Manufacturing PMI Gives Pound a Boost

On Friday, the Pound strengthened against many of its rivals even though the ongoing supply chain crisis still had the potential to cause problems.

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However, the currency saw some solid gains as the UK’s manufacturing PMI was revised higher, going from 56.3 to 57.1 giving the Pound the chance to make up for some of the ground it had lost earlier in the week. As a result, as trading closed the Pound came in at 1.169 against the Euro and 1.357 against the US Dollar according to the Foreign Exchange Market.

The Euro lost some of its gains against the majority of its peers on Friday following a new 13-year high inflation figure of 3.4%. Adding to this is the dovish stance of the European Central Bank which is causing investors to remain concerned about a policy mistake. Furthermore, there was pressure from the manufacturing PMIs which came in lower than the August Figure.

At the end of the week, the US Dollar weakened slightly as a bullish market sentiment meant that the currency lost a lot of its appeal. The release of positive data in the form of ISM manufacturing PMI and personal income and spending meant that support was lacking on Friday.

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