There was little in the way of hope for the Pound on Wednesday after it remained range-bound after it was announced that 66% of manufacturers expected prices to increase in the lead up to Christmas as a result of inflationary pressures.
Additionally, UK construction PMI also came in lower than expected as the supply chain continued to cause problems for the UK economy. As a result, the currency finished at 1.176 against the Euro and 1.3588 against the US Dollar according to the Foreign Exchange Market.
Through yesterday’s session, the Euro took a dip after factory orders in Germany fell by 7.7% in August which is worse than expected. Euro investors were also concerned by the disappointing retail sales which came in at 0.3% as opposed to the expected 0.8%.
It was a mixed day for the US Dollar yesterday as a change in market mood resulted in the Greenback failing to take advantage of any gains it had made. There was positive news in the form of US ADP employment figures which came in above expectations which shows that the labour market is growing although this somehow managed to put a dent in the US Dollar.