US PMIs Impress While Pound to US Dollar Rate Drops

On Friday, the Pound found some ground and edged higher initially as it benefited from improved retail sales figures while the increase in manufacturing PMI also helped to bolster the currency.

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This saw the currency reach 1.1618 against the Euro and 1.415 against the US Dollar according to the Foreign Exchange Market. However, these gains were lost as talks between the UK and EU regarding the Northern Ireland protocol stuttered.

It was a poor end to the week for the Euro as the single currency suffered at the hands of more talk about the tapering bond purchases from the European Central Bank. This meant that the preliminary PMIs for May were offset, especially as it experiences its strongest growth since February 2018. 

The US Dollar gathered pace on Friday and that came off the back of improved US Markit PMI figures. While these figures didn’t influence the currency as much as the ISM release, it still gave USD investors lots to get excited about, as both the US service and manufacturing sectors saw significant expansion this month. The hope is that this will be translated into strong employment growth.

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