Sterling exchange rates declined more or less across the board during today’s trading session as early morning UK Manufacturing PMI figures came out worse than expected.
The figures coming out at 48.2, which were worse than than the 49.1 expected indicate that the Manufacturing sector within the UK is declining, and moving forward I think this could be the catalyst for the Bank of England to cut interest rates down to 0.25% this Thursday.
As markets are widely expecting this rate cut after Mark Carney, the governor of the Bank of England, alluded to it in the aftermath of the Brexit decision as cutting rates may help the economy deal with the financial blow of the Brexit.
I’m no longer expecting a big drop off the back of Thursdays decision but I am expecting GBP exchange rates to gradually decline throughout the year as economic news disappoints due to the UK’s slowing economy.
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