CM: GBP Exchange Rates Dive on Slowing Manufacturing Output
In response to disappointing manufacturing output, the British Pound softened versus nearly all of its major peers. March’s Manufacturing PMI was predicted to rise from 50.8 to 51.2, but actually only reached 51.0. This further highlights imbalance in the UK’s economic growth. In addition to the poor domestic data, EU referendum uncertainty continues to weigh on investor sentiment. What’s more, the current UK steel crisis has caused many to fear the end of British steel production and massive job losses as a consequence.
